Tether initiates massive counterattack in the United States with a monetary worth of a billion dollars
In a bold move, Tether, the company behind the world's largest stablecoin, USDT, is making a push into the US market. The financial giant, known for its robust financial health, has announced the launch of a new stablecoin, USAT.
According to Tether's CEO, Paolo Ardoino, the company is at a clear advantage over its US competitor, Circle. Tether's financial strength is evident in its profit of $13.7 billion last year, a testament to its market dominance. USDT, Tether's flagship token, currently boasts a market capitalization of $171 billion.
The strategic advisor for US strategy, Bo Hines, has stated the goal of becoming the largest player in the US stock market today. Tether's offensive is not limited to large customers like banks but also targets private users who suffer from high fees in the traditional financial system.
The new stablecoin, USAT, aims to provide immediate settlements and lower transaction fees. Tether has allied with financial giants like Cantor Fitzgerald and Anchorage Digital Bank for this venture. Anchorage Digital Bank is specifically mentioned as one of the money institutions managing USAT alongside Tether.
Rezolve AI, a company known for integrating crypto payments and partnering with major tech firms like Microsoft and Google, is also part of the alliance. The goal of USAT is to offer a more efficient and cost-effective alternative to traditional financial systems.
Tether's financial robustness has allowed it to heavily invest in the expansion of its ecosystem. Unlike some competitors, Tether owns its distribution channels rather than renting them, giving it a significant edge in the market.
In the past, Tether has held back from the US market due to a $41 million fine due to unclear reserve statements. However, it seems that the company is now pushing into Circle's home market, although no specific mention of Circle was made in this context.
Tether has already invested $5 billion in the USA, including a $775 million stake in the video platform Rumble. This investment underscores Tether's commitment to expanding its presence in the US market.
Whether an investment in Circle may be compelling at the moment remains uncertain given the presence of Tether as a strong and battle-tested competitor. However, one thing is clear: Tether is making a significant move in the US market with the launch of USAT.
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