As the US stablecoin bill advances, Tether remains cautious and reiterates its global strategy.

Gate News bot message, as U.S. lawmakers discuss new regulations for stablecoins, Tether CEO Paolo Ardoino stated that the company will continue to prioritize international markets rather than re-entering the U.S. financial system.

Ardoino commented on the proposed stablecoin regulation bill "Genius Act" during an interview with Bloomberg. The bill aims to bring regulatory clarity to dollar-backed digital assets. Although the bill has garnered support in Congress, Tether remains cautious.

Ardoino stated: "Our primary focus will still be on overseas." He emphasized that the company is closely monitoring how the bill distinguishes between foreign issuers and U.S. issuers, "We can ensure compliance without disengaging from the international market."

Tether moved to El Salvador in 2018 and ceased its operations in the United States, currently dominating the global stablecoin market. However, strict regulatory requirements in the U.S. (such as the ban on issuing stablecoins backed by Bitcoin) pose restrictions that conflict with Tether's reserve strategy.

Although major banks like JPMorgan, Citibank, and Wells Fargo are increasingly interested in launching their own stablecoin products, Ardoino dismissed concerns about competition, stating, "Their focus will be on the Western financial system, while we are building stablecoins for the billions who are still excluded."

Source: Cryptodnes