Tether CEO Paolo Ardoino has indicated that the company may consider increasing its presence in the US. However, Tether remains cautious as it monitors the evolving regulatory environment.
Speaking to Bloomberg TV on 16 January 2025, Ardoino emphasized the importance of clarity before making any significant moves. “I cannot exclude Tether moving a bit more toward some US presence, but we are also doing that in a cautious way,” he stated.
“For the moment, we need regulatory clarity and guidance. We need to see what the laws are looking like coming from the US, and then we will decide.”
Crypto Set To Become National Priority Under Trump Administration
Ardoino’s comments come at a pivotal moment for the crypto industry, as President-elect Donald Trump is expected to sign an executive order making cryptocurrency a national priority shortly after his January 20 inauguration.
This potential policy shift has sparked optimism among companies like Tether about a more supportive regulatory framework in the US.
During an October appearance at DC Fintech Week, Ardoino praised the US as a leader in technological innovation but lamented its lagging crypto regulations. “This is the first time in history that I see the U.S. dropping the ball,” he remarked.
While talking to 99Bitcoins in October 2024, Ardoino said, “I think the US is watched by the rest of the world. So many other regulators will tend to copy the regulations. For example, when the US approved ETFs, everything changed. Many countries followed suit.”
While Tether weighs its options in the U.S., it has recently shifted its operations to El Salvador after securing a digital asset service provider license from the Bitcoin-friendly nation.
Ardoino hailed El Salvador’s regulatory framework as “comprehensive” and suggested it could serve as a model for other countries.
Financially, Tether is poised for a record-breaking year. The company is likely to surpass its initial $10 billion profit forecast for 2024, Ardoino revealed, driven by its highly profitable US Treasury holdings managed by Cantor Fitzgerald. The firm reported $2.5 billion in Q3 profits, bringing its total to $7.7 billion by September.
The digital assets licensing framework in El Salvador is very comprehensive and the application process is thorough. Same for the stablecoin one.
It should be taken as an example by the rest of the world.
— Paolo Ardoino (@paoloardoino) January 16, 2025
Additionally, Tether has made strategic investments. This includes a $775 million stake in the video-sharing platform Rumble, aligning with its commitment to freedom of speech.
Tether’s flagship stablecoin, USDT, remains the dominant player in the market, boasting a $137 billion market capitalization and a 64% market share, according to CoinGecko.
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Tether “Attracts Property Rights Under English Law”
In September, the UK High Court ruled that the stablecoin Tether (USDT) is legally recognized as property under English law. The ruling was the first full trial judgment in the UK on the legal status of crypto, setting a precedent for the treatment of these assets in the region.
The case involved a fraud victim whose stolen cryptocurrencies, including Tether, were transferred through various crypto exchanges after being laundered through crypto mixers.
The proposed law is expected to aid judges in handling complicated disputes involving digital assets. It could address situations where digital holdings are disputed in legal proceedings, including cases related to asset division during divorces or other settlements.
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