Stablecoin issuer Tether (USDT) is reportedly looking to return to the US with a new dollar-pegged digital asset.
According to a new report by CNBC, the world’s largest stablecoin issuer is looking to launch a new crypto asset pegged to the US dollar by the end of the year as its chief executive continues to influence national crypto policies.
News of the new stablecoins was confirmed by Tether CEO Paolo Ardoino in an interview with CNBC. According to Ardoino, Tether – which is headquartered in El Salvador – is attempting to rebrand itself as being cooperative with law enforcement, as it was previously known as the “go-to” crypto for criminal activity.
The report says that Ardoino may have helped shape key legislation, such as the GENIUS Act – a bill that aims to give clear guidelines for stablecoins – and added provisions for Tether to help law enforcement.
As stated by Ardoino, according to CNBC,
“There is no company… even in the traditional financial system, that has such a breadth of collaboration with law enforcement. We are always trying to do better and more to block criminal activity… we have much better tools than the traditional financial system and we’re proving that every day.”
The CEO goes on to address Tether’s reserve assets, a point of contention for the firm in the past, as it agreed to pay $18.5 million to New York in 2021 after it was alleged that it lied about its reserves.
“We are very close to having $120 billion in U.S. Treasuries in our reserves. We have $7 billion in excess equity within the company’s capital. That is really unprecedented and I wish financial institutions in the traditional financial system would at least try to copy us to provide better products for their consumers.”
Tether, which now regularly publishes attestation statements, holds about $120 billion in U.S. Treasuries managed by the financial giant Cantor Fitzgerald, according to its latest report.
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