The chief executive of USDT stablecoin issuer Tether is reportedly working with US authorities to construct laws around dollar-pegged crypto assets.
In a new post on the social media platform X, Fox Business journalist Eleanor Terrett reports that Paolo Ardoino and Tether are “actively engaging” with the US government on how to best form laws around stablecoins.
According to Ardoino, not only will Tether advise on the stablecoin bills unveiled this month, the firm will comply with the law whichever way the regulation goes.
“We are going to work within the regulatory framework, and we are going to try to advise on every single one of these field proposals to make sure that our voice is heard…
We are not going to just throw in the towel and let Tether die just for the sake of not adapting to U.S. legislation. But there is still a lot of uncertainty over what’s actually going to happen, and we want our voice to be heard in the legislative process.”
Last week, Representative Bryan Steil of Wisconsin and Representative French Hill of Arkansas released a discussion draft of the STABLE Act of 2025, which seeks to provide a regulatory framework for the issuance and operation of dollar-pegged crypto assets in the US. According to Terett, Tether is engaged in the discussion of the bill’s draft.
Representative Maxine Waters of California and Senator Bill Hagerty of Tennessee also introduced stablecoin-related bills this month.
According to the report, compliance with the proposed bills from Tether’s perspective would mean submitting to monthly audits by a US accounting firm and to maintain a 1:1 ratio of reserves to assets that are pre-approved by regulators.
Currently, Tether’s website has a page entirely dedicated to transparency that updates data on its reserve assets on a daily basis. It shows that as of December 2024, Tether has $143 billion in net assets and $136 billion in total liabilities.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/mim.girl/Fotomay
Credit: Source link
