Tether CEO: Will ensure USDT complies with the GENIUS Act, but still plans to launch a stablecoin specifically for the United States

PANews reported on July 19 that according to Decrypt, after President Donald Trump signed the GENIUS Act, Tether CEO Paolo Ardoino said the company plans to ensure that its flagship stablecoin USDT (a token pegged to the US dollar) complies with the GENIUS Act's regulations for foreign stablecoin issuers so that it can be traded in the United States. Ardoino said that Tether still intends to create a US-based stablecoin, but also hopes that USDT will be approved by GENIUS. He said that Tether's two products will meet the different needs of different customers in the United States. For example, USDT may be "primarily" used as a way to remit money overseas in the United States.

The GENIUS Act requires foreign issuers to comply with strict anti-money laundering laws and undergo complex reserve audits. Tether’s reserves have never been fully audited, but Ardoino said the company plans to do so in the future.