In the context of this new law and market game, how will Tether, as the world's largest stablecoin, respond? What new actions is the company currently brewing?
Written by: William M. Peaster, Bankless
Compiled by: Shan Ouba, Golden Finance
According to data from DefiLlama, Tether's stablecoin USDT currently has a market capitalization of over 156 billion dollars, which is more than double that of its competitor Circle's USDC (over 60 billion dollars).
In this market-dominated situation, the two major news events that occurred this month make this trend even more intriguing:
Circle's blockbuster IPO: Stock price skyrocketed after listing, reaching a market value of $60 billion.
The GENIUS stablecoin bill is advancing in the U.S. Congress: The bill establishes specific standards for stablecoin issuers, while USDT has not yet fully met these standards.
In this context, Bankless interviewed Tether's CEO Paolo Ardoino to discuss the changing regulatory environment and his views on the rise of major competitors in the US market.
In the context of this new law and market dynamics, how will Tether, as the world's largest stablecoin, respond? What new moves is the company brewing at the moment? Here are the 5 key highlights worth noting from the interview.
Huge Profits
Ardoino stated that Tether's profits reached 13.7 billion dollars last year.
This figure places Tether among the most profitable companies in the world, surpassing Morgan Stanley ($13.4 billion), Mastercard ($12.9 billion), and Citibank ($12.5 billion).
A significant portion of the profits comes from harvesting the yields of U.S. Treasury bonds — Tether is currently one of the largest buyers of U.S. Treasuries in the world.
GENIUS Act Compliance
Although USDT has not yet fully met the core standards for stablecoin issuers set by the GENIUS Act, Ardoino stated that Tether will seek a way forward.
He revealed in an interview that Tether will comply with the GENIUS Act standards as a foreign issuer through an "equivalence" approach for USDT. At the same time, Tether also plans to launch a new type of stablecoin designed specifically for the U.S. market, focusing on programmability and practicality.
Ardoino stated that the U.S. market in the future resembles a "relay race" of profit margins, while emerging markets have greater growth potential for stablecoins — this implies that Tether is likely to outperform Circle in future market narratives.
4 trillion dollars market value?
Despite Circle being favored by Wall Street after its IPO, Tether has no intention of going public for financing. Ardoino clearly stated that Tether does not need external capital, and the founding team has no plans to exit.
He welcomed Circle's IPO and mentioned that Circle's current extremely high price-to-earnings ratio would only make Tether more convincing - according to Circle's current price-to-earnings ratio, if Tether were to go public, its market value is expected to exceed 4 trillion dollars.
Mining Advantages
Ardoino stated that Tether will soon become one of the largest Bitcoin miners in the world. The company currently holds over 100,000 Bitcoins on its balance sheet, and getting involved in mining is a natural next step to protect and appreciate these assets and maintain network security.
Ardoino stated more directly: "In 99% of cases, buying Bitcoin is the better choice." However, Tether's investment in mining is aimed at long-term synergy — if you already hold billions of dollars in Bitcoin, you naturally want to be personally involved in building network security.
This approach resembles the logic of a sovereign nation rather than that of a traditional company — Tether is building its own stablecoin issuance + mining infrastructure, positioning itself as a "sovereign" pillar in the cryptocurrency economy.
Tether Wallet Plan?
Ardoino revealed that Tether is developing an open-source wallet development kit (WDK) and hinted that it may launch its own branded wallet later this year.
The goal is to build a cross-chain, multi-chain, fee-optimized wallet that can automatically select chains with lower fees for transactions, specifically designed for emerging markets and machine users.
Ardoino boldly envisioned the future: artificial intelligence agents can natively call wallets, for example, your smart fridge has USDT, and when it needs to restock, it can pay autonomously. He emphasized that Tether is building a large-scale non-custodial wallet ecosystem aimed at ordinary people and machines — adaptable from $30 smartphones to industrial IoT devices.
Tether is one of the most profitable companies in the world and continues to invest in new directions to consolidate its long-term dominance in the cryptocurrency ecosystem – not just a giant in stablecoins, but also the helmsman of the global digital dollar interaction track.
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Bankless: Tether's Big Move
Written by: William M. Peaster, Bankless
Compiled by: Shan Ouba, Golden Finance
According to data from DefiLlama, Tether's stablecoin USDT currently has a market capitalization of over 156 billion dollars, which is more than double that of its competitor Circle's USDC (over 60 billion dollars).
In this market-dominated situation, the two major news events that occurred this month make this trend even more intriguing:
In this context, Bankless interviewed Tether's CEO Paolo Ardoino to discuss the changing regulatory environment and his views on the rise of major competitors in the US market.
In the context of this new law and market dynamics, how will Tether, as the world's largest stablecoin, respond? What new moves is the company brewing at the moment? Here are the 5 key highlights worth noting from the interview.
Huge Profits
Ardoino stated that Tether's profits reached 13.7 billion dollars last year.
This figure places Tether among the most profitable companies in the world, surpassing Morgan Stanley ($13.4 billion), Mastercard ($12.9 billion), and Citibank ($12.5 billion).
A significant portion of the profits comes from harvesting the yields of U.S. Treasury bonds — Tether is currently one of the largest buyers of U.S. Treasuries in the world.
GENIUS Act Compliance
Although USDT has not yet fully met the core standards for stablecoin issuers set by the GENIUS Act, Ardoino stated that Tether will seek a way forward.
He revealed in an interview that Tether will comply with the GENIUS Act standards as a foreign issuer through an "equivalence" approach for USDT. At the same time, Tether also plans to launch a new type of stablecoin designed specifically for the U.S. market, focusing on programmability and practicality.
Ardoino stated that the U.S. market in the future resembles a "relay race" of profit margins, while emerging markets have greater growth potential for stablecoins — this implies that Tether is likely to outperform Circle in future market narratives.
4 trillion dollars market value?
Despite Circle being favored by Wall Street after its IPO, Tether has no intention of going public for financing. Ardoino clearly stated that Tether does not need external capital, and the founding team has no plans to exit.
He welcomed Circle's IPO and mentioned that Circle's current extremely high price-to-earnings ratio would only make Tether more convincing - according to Circle's current price-to-earnings ratio, if Tether were to go public, its market value is expected to exceed 4 trillion dollars.
Mining Advantages
Ardoino stated that Tether will soon become one of the largest Bitcoin miners in the world. The company currently holds over 100,000 Bitcoins on its balance sheet, and getting involved in mining is a natural next step to protect and appreciate these assets and maintain network security.
Ardoino stated more directly: "In 99% of cases, buying Bitcoin is the better choice." However, Tether's investment in mining is aimed at long-term synergy — if you already hold billions of dollars in Bitcoin, you naturally want to be personally involved in building network security.
This approach resembles the logic of a sovereign nation rather than that of a traditional company — Tether is building its own stablecoin issuance + mining infrastructure, positioning itself as a "sovereign" pillar in the cryptocurrency economy.
Tether Wallet Plan?
Ardoino revealed that Tether is developing an open-source wallet development kit (WDK) and hinted that it may launch its own branded wallet later this year.
The goal is to build a cross-chain, multi-chain, fee-optimized wallet that can automatically select chains with lower fees for transactions, specifically designed for emerging markets and machine users.
Ardoino boldly envisioned the future: artificial intelligence agents can natively call wallets, for example, your smart fridge has USDT, and when it needs to restock, it can pay autonomously. He emphasized that Tether is building a large-scale non-custodial wallet ecosystem aimed at ordinary people and machines — adaptable from $30 smartphones to industrial IoT devices.
Tether is one of the most profitable companies in the world and continues to invest in new directions to consolidate its long-term dominance in the cryptocurrency ecosystem – not just a giant in stablecoins, but also the helmsman of the global digital dollar interaction track.