Tether Chief Executive Paolo Ardoino reportedly says that the Stablecoin -Emittent will remain focused on foreign markets as a stable bill for regulatory authorities via the congress.
According to a new report from Bloomberg, Ardoino says that, although the genius law, an industry-supported account to regulate Dollar-Pegged Crypto-Activa in the US will make its way through the congress, the Pralten abroad.
“It is important for us to see how the Genius Act distinguishes between foreign emennials and domestic issues. For us, the most important interest remains outside the US. We look at the brilliant action in a way that will enable us to satisfy. We can still be in accordance with a strong focus on foreign markets.”
Tether, which is located in El Salvador, is the largest Stablecoin emittent in the world, but stopped serving customers in the US in 2018.
However, the report says that if Tether would concentrate on the US, this could come across problems such as supporting USDT with Bitcoin (BTC), which is currently not permitted because of the regulations.
Ardoino also says that because Tether is not focused on the US, the company is not worried about large banks – such as JPMorgan Chase, Bank of America, Citigroup, Wells Fargo – who ventures into the world of Stablecoins and spend their own.
“We are not worried about the competitors who come from large banks, because they will look at the Western world. Our customer base are the 3 billion people who have not touched the banking system.”
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