USDT Faces US Delisting Deadline Under New Stablecoin Rules

The USDT stablecoin, issued by Tether, is facing a deadline to comply with new regulations in the United States. Under the GENIUS Act, which became law on July 18, 2025, non-qualifying payment stablecoins offered in the U.S. will be restricted from access through centralized exchanges and other digital-asset service providers by July 18, 2028.

Tether can still preserve U.S. access for USDT by qualifying through a route created for foreign issuers. However, this may require significant changes to its reserve strategy, as the law requires permitted issuers to back their tokens at least one-to-one with a narrow group of liquid assets, excluding bitcoin and gold.

Tether already holds approximately $27 billion in bitcoin and gold, which are outside the law's permitted reserve categories. The company has launched USA₮, a separate stablecoin specifically for the American regulatory environment, but this does not automatically preserve USDT's position on American exchanges.