Tether Eyes U.S. Market with New Stablecoin Launch

According to Cointelegraph, Tether is planning to introduce a stablecoin product in the United States by the end of this year or early next year, as revealed by the company's CEO, Paul Ardoino, during an interview with CNBC on April 30. Tether's flagship stablecoin, USDT, is already recognized as the leading 'exporter' of the US dollar, boasting a market capitalization of nearly $150 billion, based on CoinGecko data. The expansion into the U.S. market is contingent upon the progress of stablecoin legislation by U.S. lawmakers, Ardoino noted. Tether is actively engaging with U.S. regulators, emphasizing the benefits of USDT for the U.S. economy and collaborating with law enforcement to ensure compliance. Ardoino expressed confidence in the product, stating, "We are just exporters of what we believe to be the best product the United States ever created — that is, the US dollar." As of April 25, USDT held approximately 66% of the stablecoin market share, according to Nansen, a Web3 research firm. Tether has established itself as the most profitable stablecoin issuer, reporting a net income of nearly $14 billion in 2024. The company generates revenue by accepting US dollars to mint USDT and investing those funds into highly liquid, yield-bearing instruments like US Treasury bills. Despite its global popularity, USDT's usage within the United States remains limited, with USDC being the dominant stablecoin domestically. Tether's strategy involves designing USDT for users in regions such as small villages in Africa or shop owners in Istanbul, as Ardoino explained to CNBC. Meanwhile, Tether is developing a distinct product tailored for the U.S. market. The adoption of USDC has surged following U.S. President Donald Trump's election victory in November, as highlighted in a report by Nansen on April 25. Circle's USDC currently has a market capitalization exceeding $60 billion, according to CoinGecko. Despite the growing competition, USDT is expected to maintain its leading position in the stablecoin market. Nansen's report suggests that the stablecoin market is likely to follow a 'winner-takes-most' dynamic, with USDT continuing to dominate. The evolving landscape of stablecoins presents opportunities and challenges, but Tether remains optimistic about its prospects in the U.S. market.