Tether's USDT Faces Delisting Deadline as Stablecoin Regulations Loom

Tether faces a July 18, 2028 deadline to comply with US regulations for stablecoins or risk losing access to American customers. The GENIUS Act, which became law on July 18, 2025, restricts non-qualifying payment stablecoins in the U.S. unless their issuers qualify under the federal framework.

Tether holds approximately $27 billion in bitcoin and gold, which are outside the permitted reserve categories. The company can pursue the foreign-issuer route to preserve access to American customers, but this may not be enough to satisfy the requirements.

The GENIUS Act applies across the payment-stablecoin market, including domestic and foreign issuers. Tether has already created a stablecoin specifically for the U.S. regulatory environment, called USA₮, which is designed for U.S. institutions and regulated domestic platforms.