Dubai, United Arab Emirates – Tether, the world’s largest stubcoin issuer, is preparing to launch US-based Stablecoin this year, as CEO this year will increase his presence in Washington and shape crypto regulations.
In an interview with CNBC this week, Tether CEO Paolo Ardoino revealed that the company is working on a plan to issue a new US dollar-winning Stablecoin this year. The move comes as Tether, once accused of being the “good cryptocurrency” of criminals. This rebrands itself as a US lawmaker or a partner in law enforcement.
“It’s going to be different from stable coins in the country,” Aldoino told CNBC’s Dan Murphy at the Token2049 conference in Dubai on Wednesday. “It depends on the final legislative timeline…but we are looking at it by the end of the year.
But the timing and tactics of that next step raise an eyebrow at Capitol Hill.
Aldoino’s recent fascinating attacks in Washington, including a private meeting with lawmakers, a Capitol Hill Ranch with Senator Bill Hagerty and a party with Crypto Insiders, have lit the spotlight on Tether during his procrypt shift under President Trump, according to a report by the New York Times.
The implications may help critics shape important laws, including GOP-envelope laws that include loopholes that benefit Tether and other foreign publishers.
The Cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Stablecoin Tether (USDT), and Binance Coin (BNB) logos can be found on the trading platform CoinMarketCap.
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El Salvador-based Tether has keyed legal cooperation in its lobbying narrative despite its history of regulatory penalties.
“Even in the traditional financial system, which has extensive cooperation with law enforcement, there is no company,” Aldoino said. “We’re always trying to do better to block criminal activity. We have a much better tool than the traditional financial system and we prove it every day.”
Ardoino also addressed concerns about the company’s ability to support digital assets. In 2021, Tether settled with the New York Attorney General for $18.5 million on allegations that he lied about its reserves. The US Treasury currently publishes billions of reports and owns the US Treasury Department, managed by the heavyweight Canter Fitzgerald of Wall Street. Aldoino claims that the business is fully utilized in the event of a market shock.
“We’re very close to having a US Treasury Department of the $120 billion in our reserves,” he said. “We have an excess of $7 billion in the company’s capital. It’s truly unprecedented and we hope that financial institutions in the traditional financial system will at least try to copy us to provide a good product to consumers.”
Tether’s latest certification report confirmed that the company holds approximately $120 billion in the US Treasury Department. Independent auditor reports in the first quarter confirmed that assets and reserves were about $5.6 billion above liabilities, down from more than $7 billion in December audits.
Tether’s partnership with Cantor, now run by the sons of U.S. Secretary of Commerce, Howard Lutnick, also raised questions. Ardoino told CNBC he would not speak to Secretary Lutnick.
Eric Trump and his older brother Donald Trump Jr. recently announced plans to launch a US dollar-backed stubcoin through World Liberty Financial, a financial venture backed by President Donald Trump.
