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Tether CEO: Will Ensure USDT Compliance with the "GENIUS Act," Tether Has 3 Years to Complete Audit
BlockBeats News, July 19th, Tether's CEO Paolo Ardoino stated that the company will ensure its flagship US dollar-pegged token USDT complies with the requirements of the "GENIUS Act" for foreign stablecoin issuers, enabling it to be traded in the US market. USDT is currently issued by Tether in El Salvador.
“We will do our utmost to ensure compliance with the 'GENIUS Act' for foreign issuers," Ardoino said. "Some people think Tether will not comply, which is a ridiculous idea.” The act requires foreign issuers to comply with strict anti-money laundering laws and undergo complex reserve audits. Although Tether's reserves have never undergone a full audit, Ardoino mentioned that the company plans to conduct an audit in the future.
“We have three years to ensure that this process is properly completed," he added. "We will be very rigorously focused on advancing this matter.” In April of this year, Ardoino revealed that Tether is considering issuing a stablecoin specifically for the US to meet local regulatory requirements. During the past few months when Congress drafted stablecoin legislation, there has been widespread skepticism in the market about whether USDT would be excluded from the US market under the new law.
On Friday, Ardoino stated that Tether still plans to launch a US-based stablecoin while also working to get USDT recognized under the "GENIUS Act." These two Tether products will serve different customer needs in the US, with USDT possibly being used "primarily" for cross-border remittances. "Many foreign nationals working in the US have families abroad," Ardoino said.
BlockBeats Note: Paolo Ardoino attended today’s signing ceremony of Trump's "GENIUS Act."
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