Tether Plans to Launch New Stablecoin in the US, with its CEO Actively Lobbying Washington's Cryptocurrency Community

On May 2nd, Paolo Ardoino, the CEO of the stablecoin issuer Tether, disclosed in an interview with CNBC this week that the company is planning to launch a new US dollar-pegged stablecoin in the US as early as this year. This action takes place as Tether, which was once regarded as the preferred cryptocurrency of criminals, is repositioning itself as a partner to US legislators and law enforcement. " The domestic stablecoin will be distinct from the international stablecoin," Ardoino told CNBC's Dan Murphy at the Token2049 conference in Dubai on Wednesday. "This is contingent upon the timeline of the final legislation... but we anticipate achieving this goal by the end of this year or the beginning of next year," he said. According to The New York Times, Ardoino's recent efforts to win over in Washington, including private meetings with lawmakers, a Capitol Hill lunch with Senator Bill Hagerty, and gatherings with cryptocurrency insiders, have attracted attention for Tether during the pro-crypto shift under former President Trump. This influence is now potentially contributing to the shaping of key legislation, including the Republican-backed "GENIUS Act." Critics contend that the bill contains loopholes that are favorable to Tether and other foreign issuers, such as permitting them to operate in the US as long as they agree to cooperate with law enforcement.