Tether is exploring a U.S.-specific stablecoin amid regulatory changes under President Donald Trump’s administration. The El Salvador-based company, which holds approximately $144 billion in tokens in circulation, currently does not serve U.S. customers. But that may soon change.
CEO Paolo Ardoino confirmed Tether is in ongoing talks with U.S. officials about new rules for stablecoins—digital tokens pegged to real-world assets such as the U.S. dollar. He said the administration views stablecoins as “an important instrument for the United States.” If regulations favor new market entrants, Ardoino said Tether could launch a dollar-pegged token exclusively for the domestic market.
Trump has pledged to make the U.S. “the crypto capital of the planet” and wants stablecoin regulations ready by August. Since his return to office in January, the Securities and Exchange Commission has rolled back or suspended most enforcement actions against crypto companies. Ardoino said the regulatory climate has shifted so significantly that he felt confident visiting the U.S. for the first time.
Tether Affirms Compliance With Law Enforcement
Tether has faced scrutiny from regulators and law enforcement. The Financial Times reported that U.S. prosecutors and information from indictments identified Tether as a favored tool for international criminal transactions. Tether has denied those allegations, citing its collaboration with U.S. authorities.
Ardoino emphasized the company’s voluntary cooperation. “We are the only ones that on-board the FBI, on-board the U.S. Secret Services,” he said. “We work directly with the [Department of Justice] and we don’t wait for court orders to act.” He said Tether already meets many enforcement expectations included in proposed U.S. regulations.
Tether reported unaudited profits of $13 billion last year, driven by high U.S. interest rates on Treasury holdings. The company invests most of its reserves in U.S. government debt and keeps the bond interest. Ardoino said the reserve management is handled by Cantor Fitzgerald, a financial services firm led for over three decades by current U.S. commerce secretary Howard Lutnick.
Last month, Tether hired a chief financial officer to lead efforts toward a full audit. Ardoino said discussions with major accounting firms are ongoing and that their stance toward Tether had shifted since Trump took office.
“It’s just two months,” he said, “but it’s crazy.”
If launched, the proposed U.S.-only stablecoin would serve primarily as a settlement currency. Ardoino said the product would expand Tether’s presence in a market it has not served. Washington is also considering rules that would require foreign stablecoin issuers to comply with domestic law enforcement—a condition Ardoino said Tether already fulfills.
