Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
The influx of traditional finance into crypto and the emergence of international variations in regulations is prompting contrasting responses from stablecoin issuers such as Tether and Circle.
It’s an interesting question: How will Tether and Circle, the largest issuers of U.S. dollar-denominated stablecoins, evolve and expand as the rule-bound systems of traditional finance become increasingly enmeshed in the crypto economy?Circle, which casts itself as the compliance-friendly option, echoes many regulators’ calls for global coordination.
Tether, which doesn’t serve U.S. customers and doesn’t intend to do so, views the stablecoin market in the image of the– dollar deposits held outside the U.S. and thus not subject to U.S. regulation. It sees the future in emerging markets and underbanked countries and is formulating its own approach to law-enforcement collaborations.
“If the DOJ wants to freeze something they can contact us,” Ardoino said. “With surgical precision, we can freeze things. But the Treasury puts stuff on the OFAC SDN list and after one minute it's gone. They should come to us and tell us, 'look, we are investigating these guys, we plan to sanction these guys, can we please freeze them before we announce it publicly,’ so at least we can lock the funds.
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