Tether, the issuer of the world’s largest stablecoin USDT with a market capitalization of $148 billion, is setting its sights on the United States with plans to launch a new USD-pegged stablecoin. CEO Paolo Ardoino revealed in a CNBC interview that the launch timeline hinges on the progress of U.S. stablecoin legislation, with a potential debut by the end of this year or early 2026.
Ardoino emphasized that this new offering would be distinct from Tether’s flagship USDT, which primarily serves users in emerging markets facing limited access to the U.S. dollar. The U.S.-focused stablecoin, he explained, is envisioned as a payment product tailored for institutions and potentially a competitor to established platforms like PayPal’s CashApp.
This strategic move underscores Tether’s increasing focus on the U.S. market, a development coinciding with a perceived easing of regulatory pressure on crypto firms following Donald Trump’s return to the White House. Ardoino’s recent U.S. tour, which included appearances at industry events and a conference hosted by Cantor Fitzgerald, further highlights this ambition. Cantor Fitzgerald manages Tether’s significant holdings in U.S. Treasury bonds, and former CEO Howard Lutnick now holds the position of Secretary of Commerce in the Trump administration.
Tether’s expansion into the U.S. stablecoin space comes amid growing competition and advancing federal legislative efforts to regulate the sector. Despite the increasing competition, the potential market size is substantial, with Citi projecting the stablecoin sector could expand into a multi-trillion dollar industry by the end of the decade.
