Global Stablecoin Regulation: Tether's Complex Oversight
Tether's USDT is the world's largest stablecoin, with a market capitalization of $183.3 billion on September 8.
No single regulator oversees USDT worldwide; its treatment depends on the issuer, user location, distribution platform, and rules of each jurisdiction.
In El Salvador, Tether has established significant operations where the National Commission of Digital Assets, or CNAD, regulates the country's digital-asset market. CNAD lists USDT among the stablecoins authorized for trading, with its public-offering authorization dated May 19, 2025.
The US is building a different framework with the GENIUS Act, which introduces federal and state licensing requirements for payment stablecoin issuers. Foreign-issued stablecoins face additional conditions, including compliance with lawful US orders and recognition of comparable foreign regulatory regimes.