"The timing isn't arbitrary. This week, Tether launched USAT, a U.S.-regulated stablecoin issued through Anchorage Digital Bank - its first product designed to comply with new federal rules and compete directly with Circle's USDC. Fidelity Investments also just launched a competing stablecoin on Wednesday, joining JPMorgan Chase and PayPal in a broadening race. Then there's Howard Lutnick, the former Cantor Fitzgerald CEO."
"For years, Ardoino avoided the United States, watching from offshore as regulators circled and prosecutors investigated. His company was portrayed as opaque, possibly fraudulent, and, according to a piece by The Economist last summer, a " money launderer's dream." But when Ardoino and I chatted by video call this week, it was clear those days are over. Tether is meeting with White House officials, collaborating with the FBI and Secret Service, and betting USAT can break Circle's grip on the U.S. market."
Tether launched USAT, a U.S.-regulated stablecoin issued through Anchorage Digital Bank to comply with new federal rules and compete with Circle's USDC. Institutional entrants including Fidelity, JPMorgan Chase, and PayPal are broadening competition in the U.S. stablecoin market. Cantor Fitzgerald manages Tether’s reserves while former Cantor CEO Howard Lutnick serves as Commerce Secretary, creating political connections that affect Tether’s positioning. Tether’s flagship USDT circulates at about $187 billion globally but does not meet the new U.S. regulatory requirements. Tether is engaging with U.S. authorities, including White House officials, the FBI, and the Secret Service, signaling a shift toward mainstream acceptance.
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