According to Paolo Ardoino, compliance with Genius law involves the introduction of a new audit regime and changes in the structure of reserves produced by the USDT stabilcoins. Last year, $ 13 billion of net profits, obtained by the company, allow us to make the necessary “simple adjustments”.
“Tether will observe Genius Act. The company will release the USDT version, specially oriented towards the United States and institutional investors. Companies are accustomed to super -efficient markets, and they will take into account every base point. We need to create something suitable for this. The new product will be focused on payments and very high efficiency, ”Ardoino promised.
For the sake of compliance with the new requirements to the issuer USDT We will have to get rid of corporate bonds and wealthy loans in favor of state bonds of the United States and other highly liquid assets, added Tether general director.
Earlier, Paolo Ardoino said that the company would not register with European regulators in order to comply with the law on regulation of cryptocurrencies in the European Union (Mica).
Source: Bits
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