Tether does not mind USDT being banned in the United States and is considering the issuance of a new stablecoin in response.

The House and Senate versions of the stablecoin bill have been submitted to the committee for consideration, and in the context of the competitor Circle preparing for an IPO and the United States is expected to bring stablecoins into compliance, the CEO of Tether, the world's largest stablecoin issuer, is not only saying on X: "Tether does not need to be listed!" It also told Decrypt that it doesn't mind USDT being banned in the U.S. due to new regulations.

( US SEC: Stablecoins are not securities and do not need to be registered )

Tether plans to issue a new stablecoin in response to the US market.

Tether CEO Paolo Ardoino stated to Decrypt last Friday that Tether does not mind its flagship stablecoin USDT being banned in the U.S. due to new regulatory laws. In response, Tether is considering creating a new U.S. stablecoin and complying with the upcoming U.S. stablecoin legislation.

Ardoino said:

We believe that our main stablecoin is very suitable for emerging markets, but we can design a payment stablecoin suitable for the United States. We need two products with different value propositions.

The U.S. stablecoin bill is expected to be introduced, and reserve requirements will affect stablecoin issuers.

The United States has proposed two stablecoin bills, namely the House's "STABLE Act" and the Senate's "GENIUS Act," aimed at regulating stablecoin issuers through licensing requirements, risk management rules, and 1:1 reserve backing.

The "STABLE Act" enforces stricter reserve requirements and allows for state-level regulation, while the "GENIUS Act" mandates federal oversight of large issuers and permits a broader range of reserve assets. A previous report by JPMorgan indicated that under the latest legislation, the largest stablecoin issuer Tether has only 66%-83% of its reserves in compliance. Although Tether's CEO Paolo Ardoino responded by criticizing JPMorgan for missing the Bitcoin train, it seems that Tether is also quietly preparing for the impending U.S. regulation.

( The US stablecoin bill is taking shape, JPMorgan questions Tether's insufficient reserves, can the USDT market afford to give up? )

Circle's net profit in 2024 is only $155 million, which is vastly different compared to Tether's $13 billion. It seems that Tether does not intend to give up important emerging market profits and plans to cut some resources to respond to the U.S. market. Whether this approach can gain approval from U.S. regulators remains to be seen.

(Tether's profit in 2024 is expected to reach 13 billion USD, with unrealized gains from gold and Bitcoin amounting to 5 billion USD)

This article states that Tether does not mind USDT being banned in the United States and is considering the issuance of a new stablecoin in response, first appearing in Chain News ABMedia.