Tether's USDT hits 2-year countdown threatening its position on U.S. crypto platforms
COINDESK ·
This year, Tether rolled out USAT — launched with U.S. standards in mind and issued through U.S. banking partner Anchorage Digital. So far, it remains at a relatively low level of usage. “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, the crypto-native bank that manages a number of stablecoins. He said the company believes institutional users will move toward "compliant, bank-issued digital dollars well ahead of that deadline." GENIUS included a three-year grace period for compliance, and two years remain, after which U.S. crypto platforms won't be able to offer stablecoins whose issuers haven't checked all the regulatory boxes. However, there seems to be some disagreement over whether foreign issuers are meant to enjoy that same safe harbor. 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, which is likely six months from now in January. "Upon the effectiveness of the GENIUS Act, foreign issuers will need to immediately comply with lawful orders to seize and freeze coins held by illicit actors, but they will have a runway of approximately two more years to prepare for the additional requirements so that their coins may remain eligible for listing on U.S. centralized trading platforms," said Justin Levine , a lawyer at Davis Polk who advises clients on stablecoin issues, adding that one of those remaining requirements — registration with the Office of the Comptroller of the Currency — is likely to require a “significant undertaking”
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Warnings have been raised that Tether (USDT)'s position on U.S.-based cryptocurrency platforms could be threatened within two years. This follows increased regulatory pressure and movements toward stricter capital requirements for stablecoin issuers. Investors should closely monitor potential risks to USDT's market share and liquidity resulting from regulatory changes over the next two years.
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- Bitcoin — As a primary reserve currency in the crypto market, regulatory risks limiting USDT liquidity could dampen buying pressure for major assets like Bitcoin. This potential tightening of market capital flows creates significant downward pressure on prices in the short term.
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