Tether’s Bold New Stablecoin Plan Points to a Wild 2024—But Will Congress Notice?

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What you (sort of) need to know:

  • Tether’s got big plans to roll out a U.S.-centric stablecoin, provided Congress can agree on anything before the sun explodes—or possibly by the end of this year, whichever comes first, according to CEO Paolo Ardoino.
  • The new coin wants to rival PayPal’s CashApp, because what the world really needs is yet another app that you can use to pay for coffee, dog-walking, and questionable life choices, but this time with crypto.
  • All this comes while the stablecoin world is about as crowded as a British beach on the first day of vaguely acceptable weather ☀️🐚 and the Feds are finally peering out from behind the sofa for a look at regulation.

Tether, the not-so-modest folks behind the USDT (which commands a small fortune in crypto worth $148 billion or, if you prefer a mental image, roughly the GDP of a small European country), is plotting to unleash a U.S.-flavored stablecoin either sometime before your next dentist appointment or right after, depending on when Congress remembers to pass something vaguely resembling a law.

Paolo Ardoino, Tether’s CEO and apparent time optimist, says, “Realistically, it depends on the final legislation,” in an interview with CNBC. Translation: nobody has a clue, but hey, let’s keep hope alive.

Now, USDT—Tether’s main claim to fame—is for people in countries where having access to dollars is a bit like winning the lottery. The new coin? Strictly a made-in-America experience for serious folks wearing pinstripes and clutching briefcases. Ardoino says, “We want this to work for U.S. institutions—as a PayPal CashApp killer!” A bold ambition, like trying to beat Coca-Cola with your uncle’s homemade soda.

Tether’s decision to expand in the U.S. seems suspiciously well-timed, as certain regulatory storm clouds evaporated following a change of address on Pennsylvania Avenue. Ardoino has been sightseeing across America, popping up in interviews and hobnobbing at Wall Street gatherings (where, presumably, the hors d’oeuvres are covered in gold leaf).

For extra Wall Street gusto, Tether’s billions in U.S. Treasurys are managed by Cantor Fitzgerald, whose former CEO is now helping to run the economy, because in the cryptosphere, everybody knows everyone else, preferably by yacht.

Meanwhile, the stablecoin arena is looking more like a Black Friday sale at a discount electronics store. With regulatory efforts looking slightly less glacial and projections from Citi tossing around figures like “multi-trillion dollars” because why not, everyone’s diving in. Case in point: Circle (Tether’s archrival and proud parent of the $62 billion USDC token) has decided it’s time the world had cross-border crypto payments. Will it work? Who knows. But it’ll be entertaining to watch. 🍿

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2025-05-02 16:26