CEO Paolo Ardoino says US-focused stablecoin Tether could launch later this year
Author: Christian Sandor | Edited by: Parikshit Mishra Updated: May 2, 2025, 1:46 pm Published: May 2, 2025, 12:46 pm
Tether, the company behind the $148 billion USDT stablecoin, is set to launch its U.S.-focused stablecoin later this year or early next year, depending on stablecoin legislation, CEO Paolo Ardoino told CNBC.
“Realistically, it depends on the timing of the final stablecoin legislation, but we hope to [launch the product] by the end of this year or, at best, early next year,” he said.
Ardoino noted that the company’s main USDT token is aimed at users in emerging markets with limited access to US dollars, and the new offering will be a completely different product.
“In the U.S., we need to create a payment product that institutions can use and that can compete with PayPal’s CashApp,” he said in an interview. “That’s what we’re trying to do.”
Tether’s plans to launch stablecoins in the U.S. highlight the company’s growing presence in the country, especially as regulatory pressure on cryptocurrency companies eases following Donald Trump’s return to the White House.
Earlier this year, Ardoino toured the U.S., giving interviews and speaking at events including a conference for Wall Street investment bank Cantor Fitzgerald. Cantor manages more than $100 billion in U.S. Treasury bonds for Tether, and former CEO Howard Lutnick is now Commerce Secretary in the Trump administration.
Competition in the stablecoin market is also heating up as federal legislation moves forward in the U.S. to regulate the sector. This creates a big opportunity: Citi predicts the sector could grow to several trillion dollars by the end of the decade.
Read more: US Senate prepares to take action on stablecoin bill
Rival Circle, the issuer of the $62 billion USDC token, last month announced plans to build a network for cross-border payments and remittances.
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