Tether CEO Paolo Ardoino has expressed worries about mounting resistance from rivals and legislators he says are deliberately trying to undermine the biggest stablecoin issuer worldwide.
Ardoino proposed in a post on X that some political leaders and business stakeholders are more intent on destroying Tether’s operations than on vying through innovation. Talks in political and corporate spheres, he said, usually revolve around removing Tether from the market.
With a market capitalization more than twice that of its nearest rival, Circle’s USDC, Tether’s USDT still is the biggest stablecoin. The corporation is facing more difficulties despite its supremacy as new rules, including Europe’s MiCA system, start to change the scene for stablecoins.
Tether’s exclusion from the list of companies authorized to provide stablecoins under MiCA was one significant setback. To keep regulatory compliance, this choice has already resulted in major crypto exchanges, including Kraken and Crypto.com, delisting USDT in Europe.
New legislative ideas might affect Tether’s stance even in the United States. Recent Capitol Hill debates point to overseas stablecoin issuers perhaps being barred from using American Treasury markets. Tether, holding over $115 billion in U.S. Treasury assets, could also face significant consequences.
Vance Spencer, a venture capitalist, has expressed worries about possible regulatory capture and pointed out that the proposed stablecoin legislation supports American-based issuers while underlining overseas rivals. Such an action, he cautioned, might reduce the worldwide market for stablecoins backed by U.S. dollars.
Ardoino shared similar worries, contending that certain businesses are using political clout to cut Tether from the market instead of enhancing their products. He underlined that Tether is critical for global financial inclusion, especially in developing countries where millions depend on USDT for access to dollar-based transactions and financial stability.
Tether is dedicated to its goal even under these regulatory demands. Ardoino reassured consumers that the business would continue serving its worldwide clientele and is ready to face these difficulties.
With Tether at the center of an ongoing struggle between innovation, law, and business interests, stablecoin rules are changing, and the fight for market supremacy is getting hotter.
