Donald Trump · Tether · CoinDesk
Tether's USDT hits 2-year countdown threatening its position on U.S. crypto services
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The world's leading stablecoin by volume, Tether's USDT, could be shoved out of the U.S. markets if the company doesn't revamp dramatically in the next two years.
Key facts
- CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B
- Some lawyers in finance assume that Tether gets until July 18, 2028, to comply, but others have suggested that foreign issuers would have to comply the moment GENIUS officially goes live
- Non-compliant stablecoins cannot be used by U.S. institutions when the safe harbor expires in 2028, but we don’t expect the market to wait," said Kevin Wysocki, head of policy at Anchorage Digital
- Tether will comply with the GENIUS Act," Ardoino told CoinDesk at the White House, in the moments after Trump signed GENIUS a year ago
Summary
The GENIUS Act that governs U.S. stablecoin issuers is complicated and a work-in-progress, but now that its first anniversary is reached, Tether and other non-U.S. issuers have two years left to figure out their compliance strategies. The one-year mark was supposed to see the federal financial regulators finishing their stablecoin rules, but none have done so, yet, leaving some compliance uncertainty. The basic outlines of the U.S. standards, though, would force the most widely circulated coin, Tether’s USDT, to make a lot of major changes before it could satisfy the law.