U.S. return on the horizon for Tether with planned launch of fresh dollar-tied stablecoin, according to news reports.
Unleashing Tether's USA Rebirth: The Tale of a New Dollar-Backed Digital Asset
Saddle up for some groundbreaking news! Tether, the world's largest stablecoin issuer, is looking to make a triumphant return to the United States. According to recent reports from CNBC, Tether, currently headquartered in El Salvador, plans to launch a new crypto asset pegged to the greenback by the end of this year.
Thomas Ardoino, Tether CEO, confirmed the exciting development during an interview with CNBC. Ardoino has been prominent in shaping national crypto policies and, as per reports, may have played a key role in crafting the GENIUS Act – a bill seeking to provide clear guidelines for stablecoins. The bill also includes provisions to enable Tether to lend a helping hand to law enforcement.
In the interview, Ardoino stated,
"We are always trying to do better and more to block criminal activity. We have much better tools than the traditional financial system, and we're proving that every day."
Ardoino also addressed concerns regarding Tether's reserve assets, an issue that had drawn criticism in the past, leading to a $18.5 million settlement with New York in 2021. The company has since substantially increased its assets, managing around $120 billion in U.S. Treasuries, as per their latest report, with the help of financial giant Cantor Fitzgerald.
Tether, which has embraced greater transparency by regularly publishing attestation statements, aims to set a new standard in the crypto world, pushing other institutions in the traditional financial system to follow suit.
Aside from the exciting Tether news, keep an eye on the industry as more announcements flood in. For instance, Pepeto is preparing for launch on an exchange following the completion of its presale and achieving several platform milestones. BC.GAME has expanded its ecosystem reach with Phase 2 of its Social Mining Campaign, offering more opportunities to engage with its users. Stay tuned for more updates and never miss a beat – subscribe now for email alerts!
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- As Tether readies its new dollar-backed digital asset for launch in the US, the cryptocurrency industry eagerly watches for signs of an expanded regulatory framework with the potential to govern stablecoins like Tether more effectively.
- With Tether's plans to set a new standard in transparency, other financial institutions may be motivated to follow suit, signalling a possible new era of cooperation between traditional finance and cryptocurrency investing, particularly in areas such as altcoins and blockchain technologies.
