Tether plans to launch a stablecoin product in the United States as soon as this year, the stablecoin issuer’s CEO, Paul Ardoino, said in an April 30 CNBC interview.
USDT$1.00, is already the US dollar’s top “exporter,” Ardoino told CNBC. It has a market capitalization of nearly $150 billion, according to data from CoinGecko.
Now, Tether is preparing to expand into the US market “by the end of this year or early next year, at the fastest,” Ardoino said, adding that the timing depends on US lawmakers’ progress on stablecoin legislation.
The stablecoin issuer is working to woo US regulators by proactively collaborating with law enforcement and highlighting USDt’s benefits for the US economy.
“We are just exporters of what we believe to be the best product the United States ever created — that is, the US dollar,” the CEO said.
Market leader
As of April 25, USDt commanded a roughly 66% market share among stablecoins, according to Nansen, a Web3 researcher.
Tether is also the most profitable stablecoin issuer, logging a net income of nearly $14 billion in 2024.
It earns revenue by accepting US dollars to mint USDt and then investing those dollars into highly liquid, yield-bearing instruments such as US Treasury bills. Still, USDt’s popularity is largely limited to users outside of the United States, where rival stablecoin USDC
Tether designed USDt “for the people that live in small villages in Africa… [or] a shop owner in Istanbul,” Ardoino told CNBC, adding that Tether is developing a “different product” for the US.
Adoption of USDC has accelerated in the wake of US President Donald Trump’s November election win, Nansen said in an April 25 report. Circle’s USDC has a market capitalization of more than $60 billion, CoinGecko data shows.
However, USDt is still likely to maintain its leading position in the stablecoin market. “Despite the potential dispersion in stables, we inevitably believe this is a ‘winner-takes-most’ market dynamic,” the Web3 researcher added.
