Tether (USDT) plans to launch a new product for the U.S. market by the end of 2025

Tether, the issuer of the world’s largest stablecoin, is planning to roll out a new product for the U.S. market by the end of 2025, CEO Paolo Ardoino said in an interview with CNBC on April 30.

The launch timeline depends on progress in U.S. legislation around stablecoins, Ardoino said.

“We are just exporters of what we believe to be the best product the United States ever created—that is, the U.S. dollar,” he told the outlet.

Tether’s flagship token, USDT, has a market capitalization nearing $150 billion and dominates the global stablecoin market with a 66% share.

However, USDT adoption in the U.S. remains limited compared to its competitor, Circle’s USDC, which gained traction domestically, especially following Donald Trump’s election win in November 2024.

Additionally, the company faced pressure over its lack of a full independent audit, a gap CEO Ardoino said they are working to close. The firm recently brought on Simon McWilliams as chief financial officer to push for an audit from one of the Big Four firms.

Quarterly attestations from BDO Italia remain its current form of reporting.

USDT was originally created for use in underserved regions, such as rural areas in developing countries and small businesses outside Western financial systems, Ardoino said. He added that Tether is preparing a “different product” tailored for U.S. users.

Tether remains the most profitable stablecoin issuer, earning close to $14 billion in net income in 2024. The company generates revenue by accepting U.S. dollars in exchange for USDT, which it then invests in high-liquidity assets like U.S. Treasuries.

While USDC has gained ground in recent months, Nansen noted in an April 25 report that the stablecoin market remains highly concentrated.

“Despite the potential dispersion in stables, we believe this is a ‘winner-takes-most’ market dynamic,” the report said.

The move comes as the U.S. House and Senate debate two competing proposals: the STABLE Act and the GENIUS Act. Both seek to define how stablecoin issuers operate, hold reserves, and interact with financial institutions.

President Donald Trump urged lawmakers to pass a final version by August.

Jeremy Allaire, co-founder of Circle, said he believes stablecoin issuers worldwide should be required to register with U.S. authorities, regardless of where they operate.

Allaire argued that firms issuing U.S. dollar-pegged stablecoins, like Circle’s USD Coin, should not be allowed to bypass American regulations while still serving U.S. customers.

Meanwhile, Tether is facing mounting pressure.

Tether CEO Paolo Ardoino claimed that both competitors and political forces are actively working to push Tether out of the market. He accused rivals of prioritizing efforts to “kill Tether” over improving their own products.

Tether has already been excluded from the list of approved stablecoin issuers under the European Union’s Markets in Crypto-Assets (MiCA) framework. Major exchanges like Kraken and Crypto.com are preparing to delist USDT and other non-compliant stablecoins in the European market in the coming months.