After President Trump signed the GENIUS Act into law, the CEOs of the leading stablecoin firms, Tether and Circle, shared their plans for the future in response to the regulatory changes.
Tether CEO, Paolo Ardoino, announced that his company intends to register its flagship USDT stablecoin to comply with the new legislation. Ardoino expressed confidence about navigating the requirements, particularly the strict anti-money laundering laws and audits mandated for foreign stablecoin issuers. He emphasized Tether’s commitment to compliance despite previous criticisms regarding their audit practices, stating, “It’s crazy that sometimes people think Tether will not comply.”
Ardoino also mentioned plans to develop a U.S.-specific stablecoin to meet American regulatory standards. He believes both USDT and the new stablecoin will serve different needs within the U.S. market, catering to various client purposes such as remittances.
In contrast, Circle CEO, Jeremy Allaire, viewed Tether’s ambitions as a non-issue for his company. He asserted that Circle stands to benefit more from the GENIUS Act, citing the firm’s established reputation for regulatory compliance and partnerships with institutional clients. Allaire stated, “I think the GENIUS Act enshrines in law Circle’s way of doing business,” suggesting that it reinforces his company’s operations within the mainstream financial system.
Despite their competitive nature, the two executives were present together during the signing of the GENIUS Act at the White House, however, they did not engage with each other directly.
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