"Don't look now but an overseas crypto colossus has just strode onto America's shores. I'm talking, of course, about Tether. For over a decade, the wildcat stablecoin firm operated as a global nomad before announcing in January it would set up a physical headquarters in El Salvador. Then, on Friday, founder Paolo Ardoino turned up in New York City to announce Tether would be launching a new U.S.-compliant stablecoin called USAT."
"It's a remarkable turnabout. For years, Tether was viewed as an outlaw that turned a blind eye to criminals who used its USDT stablecoin to launder profits, and to facilitate pig-butchering and other scams. Now, the company is in the tent with other respectable crypto companies. The CEO of its U.S. entity is none other than Bo Hines, the 30-year-old former Yale wide receiver whose most recent gig was at the White House, helping implement President Donald Trump's ambitious crypto agenda."
"All of this raises three questions. The first is whether there is room for another big player in the U.S. stablecoin market, which has so far played out as a winner-take-all contest in favor of Tether's main rival, Circle. Marquee brands like PayPal and Ripple have tried to make inroads but have failed to capture even 5% of the U.S. market from Circle's USDC. This suggests Circle's existing customer base is a sticky one that is not looking to hop to another stablecoin."
Tether announced plans to establish a physical headquarters in El Salvador and introduced a U.S.-compliant stablecoin named USAT after founder Paolo Ardoino appeared in New York City. The firm transitioned from a decade of operating as a global nomad with a reputation for enabling criminal use of its USDT stablecoin to courting legitimacy. Tether installed Bo Hines as CEO of its U.S. entity; Hines previously worked at the White House on the Trump administration's crypto agenda. Tether reported $13 billion in profits in 2024, creating a large war chest to challenge Circle's dominance of the U.S. stablecoin market.
Read at Fortune Crypto
Unable to calculate read time
Collection
[
|
...
]