QUICK TAKE
Tether is exploring a new U.S.-based stablecoin amid regulatory developments in the country, CEO Paolo Ardoino told The Block.
The new stablecoin would be built for large, regulated institutions — unlike Tether’s existing stablecoins, which are used mainly for trading and financial inclusion in emerging markets like Africa, Ardoino said.

Tether
USDT -0.02%
is considering launching a new U.S.-based stablecoin aimed specifically at institutional clients, CEO Paolo Ardoino told The Block. The move comes as U.S. lawmakers push forward legislation that could provide a clearer framework for stablecoin issuers.

"The new legislation gives us the opportunity to explore the creation of a U.S.-based, institutional-grade stablecoin," Ardoino told The Block. "Unlike the stablecoins we've developed to support emerging markets and financial inclusion — such as in Africa — this would be tailored to meet the needs of large-scale, regulated institutions with very different infrastructure requirements."

Tether currently does not offer its products to U.S. customers, according to its website.

The U.S. is moving quickly toward a stablecoin regulatory framework, with two key bills — the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act in the House and the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in the Senate — advancing through Congress. President Donald Trump has urged lawmakers to pass legislation by August. The House and Senate must eventually agree on and pass a single version to send it to Trump's desk.

"We pioneered the stablecoin industry in 2014, and it's significant to see our work now recognized by lawmakers in the world's most powerful economy," Ardoino said. "This marks a major step forward in the path to thoughtful regulation."

New stablecoin plans
Tether's existing stablecoins — including its flagship USDT — have seen broad adoption in crypto trading as well as in markets with volatile local currencies, where crypto acts as a digital dollar for savings and daily use. The new stablecoin, however, would be geared toward institutions looking for faster settlements between banks.

RELATED INDICES
DETAILS
GMUSA
Top U.S. tokens
127.35
–8.68%
DETAILS
GMETHEX
Top Ethereum tokens ex Me
67.36
–8.70%
SEE CRYPTO INDICES
USDT remains the world's largest stablecoin, with a total supply of around 145 billion tokens, according to The Block's Data Dashboard.

Tether has faced ongoing scrutiny for not providing a full independent audit of its stablecoin reserves, instead releasing quarterly attestations signed by BDO Italia. Last month, the company hired Simon McWilliams as its new chief financial officer to lead efforts toward securing a full audit. Ardoino has called obtaining one from a Big Four firm — Deloitte, EY, PwC, or KPMG — a "top priority" and said discussions are underway.

Tether's rival Circle, the issuer of the
USDC +0.011%
stablecoin, has had its financials audited by Deloitte since 2022, according to its website. Before that, Grant Thornton served as Circle's auditor starting in 2015.