Tether CEO Says He'll Comply With GENIUS to Come to U.S., Circle Says It's Set Now
0Paolo Ardoino, Tether's chief, said his firm will come to the U.S., is chasing high-level auditing and will adjust reserves, but Jeremy Allaire said Circle is already compliant.
In the minutes after President Donald Trump signed a bill that joins the crypto world's stablecoins to the U.S. financial system, two of the chief stablecoin architects made the case in the Washington summer heat outside the White House that their companies are ready to embrace the new law.
Before he'd signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law after it swept through both chambers of Congress with major bipartisan votes, Trump basked in cheers and thanked several industry leaders in the East Room audience, including Tether CEO Paulo Ardoino, Circle CEO Jeremy Allaire and Coinbase CEO Brian Armstrong. Outside, the executives talked about next steps.
Ardoino amplified his plans for moving some of his global business into the U.S., where he said the focus will be on institutional users for a new token, but he added that he also intends to have Tether's stablecoin powerhouse USDT comply with the GENIUS Act as a foreign issuer. That'll mean a new auditing regime and changes to the vast reserves the company already maintains, which he says will require "an adjustment" but noted — with a smile — that his company "made $13 billion in profits" last year and will be able to manage it.
"Tether will comply with the GENIUS Act," he said, adding that the company will get to work now meeting the foreign-issuer standards. He said Tether has three years to work on getting into the U.S., and the company intends to manage two different versions of its stablecoins domestically — a jurisdiction it currently steers clear of.
The U.S.-centric coin — a second flavor of Tether that hasn't yet been hatched — is envisioned as serving a very different purpose.
"Institutions are used to super efficient markets, and they will count the single basis point; and so, for that reason, we need to build something that is proper for this new market," he told CoinDesk in the interview. The product built for those institutions will "focus on payments and high, high, high efficiency."
For Circle — a public company based in the U.S. — CEO Allaire said that the GENIUS Act "really enshrines into law Circle's way of doing business."
"We have always been trusted, transparent; we've been publicly audited for five years," he said.
But he noted that the U.S. landscape for stablecoins has already been rapidly changing in anticipation of the new law, with "major technology companies, major commerce firms, financial institutions" lining up to participate, which he said he welcomes.
"Once you have that federal law, it really is a green light to all these types of institutions to know that they can depend on this technology, build on this technology, integrated into how they store and move money into other innovations that can be done with smart contracts and programabilities," Allaire said.
To do business in the U.S., the GENIUS Act demands that extremely limited, highly liquid assets — mostly U.S. Treasuries — will back issuers' coins dollar-for-dollar, and it requires a stringent auditing process to constantly ensure that the assets are there.
Tether's Ardoino said his company's new chief financial officer, Simon McWilliams, "started to...
https://www.coindesk.com/policy/2025/07/18/tether-ceo-says-he-ll-comply-with-genius-to-come-to-u-s-circle-says-it-s-set-now
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