The tethers behind the widely used Stablecoin $usdt are taking the next major step in the US market.
And despite its expansion plans, the company made one thing clear. It remains a private company.
Navigating new regulations
The act of genius reveals the landscape of American stubcoin, and Tether wastes no time exploiting it. The law requires stablecoins issued domestically:
Supported by high quality liquids, US dollar denominated assets to provide monthly transparency to reserve holders for regular audits
$USAT is precisely constructed to meet these requirements, and itself is positioned as the go-to crypto of the US Stablecoin market.
Anchorage Digital Bank, a federal chartered trust bank, issues Stablecoin and helps ensure regulatory compliance.
To oversee the push towards the US, Tether previously appointed Beau Haines of the White House Script Council, leading $USAT. The entire project is clearly focused on capturing the obvious American vibe for Tether's latest products.
However, Tether hopes $USAT will win the public interest, but CEO Paolo Ardoino is not interested in publishing Tether.
Strong financial foundation, privacy priorities
It reduces the company's need to seek public investment, at least in part, according to the fact that tethers are already very profitable.
With a profit of around $13.7 billion in the previous year, Tether does not need to publicly release it to raise capital. Ardoino says that being a private company will allow the company to focus on its mission over the long term without answering quarterly open market analysts.
$USDT remains Tether's leading global Stablecoin, and is widely used in emerging markets and Crypto Trading with a market capitalization of $171 billion.
However, $USDT is made up of the status of a foreign issuer in regards to US regulations. In contrast, $USAT operates under the laws and surveillance required by US authorities.
The idea is that $USAT will win the US domestic market, support the continued growth of $USDT's overseas market, and form a 1-2 punch for the tether.
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Tether's move using $USAT adds more fuel to the competition in the Stablecoin space, especially with players like Circle's $USDC who are already operating under stricter regulatory standards.
But for consumers, especially those who are well-served in traditional banking, strong crypto wallets like $USAT and $Best could represent more accessible paths to regulated digital finance.
Aaron Walker, author of Newsbtc – https://www.newsbtc.com/news/tether-us-tablecoin-launch-best-wallet-token-presale
