Tether's next big move: A Wall Street-exclusive stablecoin is about to debut?

The recent passage of legislation in the United States, including GENIUS, CLARITY, and Anti-CBDC, has sent a signal that the legal environment is becoming more favorable for stablecoins. As predicted, this move has ignited growth in a sector that has long been in a state of uncertainty.

Seizing the opportunity, Tether is preparing to relaunch its plans to enter the U.S. market. In a recent interview with CNBC, CEO Paolo Ardoino confirmed that Tether is developing a new stablecoin based in the U.S., specifically designed for Wall Street.

This information was presented after JPMorgan analyst Teresa Ho suggested that stablecoins may become a part of the mainstream financial infrastructure. She emphasized that the rapid growth of stablecoins could accelerate the tokenization of real assets.

In fact, JPMorgan along with many other banks have shown interest in developing their own stablecoins as well as expanding their product offerings related to cryptocurrencies.

The origin of this bold idea

Tether's move to re-enter the US market comes amid increasing competition, particularly from Circle – the company that just went public in June and has seen its stock rise over 500% since then.

Despite facing competitive pressure, Tether asserts that it has no intention of becoming a publicly traded company. Instead, the company will focus on launching a domestic stablecoin that is friendly to Wall Street, seizing the golden opportunity from the new friendly regulatory environment.

In another interview with Bloomberg, Ardoino emphasized:

"Basically, we are not interested in becoming a publicly listed company."

This shows that the new laws being passed are becoming a turning point for stablecoins, opening up opportunities that were previously limited by legal barriers. As one of the industry leaders attending the signing at the White House, CEO Ardoino sees this legislation as a catalyst to integrate stablecoins deeper into both the cryptocurrency ecosystem and traditional finance.

Tether and the Race for Market Domination

Despite facing criticism regarding transparency, especially concerning its cryptocurrency reserves, Tether is showing signs of change. Ardoino revealed that the company has restarted negotiations with independent auditing firms.

In the process of repositioning in the US market, Tether continues to maintain its core strategy of leading in emerging markets. According to Ardoino, these areas remain a strategic priority, where Tether has a technological edge and superior market understanding.

"This is something that Tether has done extremely well over the past 10 years. We have better technology and understand this market better than anyone else."

The cryptocurrency community has responded positively to this news.

"Not surprising. Tether has played a long-term game while other companies have been chasing sensational headlines. A stablecoin compliant with US regulations, built for Wall Street. This is not a sudden turning point, but a strategic move aimed at building a lasting infrastructure," a user on X wrote.

Another user even predicts that the upcoming altcoin season will explode thanks to these developments.

Current market trends

However, despite the expectations of an upcoming altcoin season, the data at the time of writing shows the opposite. For instance, according to the Altcoin Season Index from CoinMarketCap, Bitcoin is still dominating, indicating that there are no clear signals for an altcoin boom.

Meanwhile, Tether continues to maintain an absolute leading position in the stablecoin sector, far surpassing its competitors. In June alone, USDT recorded a trading volume of up to 553.64 billion USD, more than double that of USDC – the second-ranked stablecoin with 244.33 billion USD.

Therefore, in the context of shifting public opinion and increasingly fierce competition, Tether's dominant position in trading volume continues to reinforce its pioneering role in the world of digital assets.

Justin