According to Decrypt, after President Donald Trump signed the GENIUS Act, Tether CEO Paolo Ardoino stated that the company plans to ensure that its flagship stablecoin USDT (a token pegged to the US dollar) complies with the GENIUS Act's regulations for foreign stablecoin issuers, allowing it to be traded in the United States. Ardoino stated that Tether still intends to create a stablecoin based on the United States, but also hopes that USDT will receive approval from GENIUS. He stated that Tether's two products will meet the different needs of different customers in the United States. For example, USDT may be primarily used as a method of overseas remittance in the United States.
The GENIUS Act requires foreign issuers to comply with strict anti money laundering laws and undergo complex reserve audits. Tether's reserves have never undergone a comprehensive audit, but Ardoino stated that the company plans to conduct an audit in the future.
