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JPMorgan: new accusations against Tether (who responds in kind)
By Davide Grammatica
A recent JPM report suggested that the new US legislation on stablecoins could create several problems for Tether
JPM's accusation
JPMorgan analysts shared a report analyzing the potential implications of a new law on stablecoins in the US. And, specifically, they described a potentially problematic scenario for Tether, the world’s leading stablecoin issuer by market share.
These problems could lead JPM to sell assets that do not comply with the legislation, such as BTC, in favor of other compliant securities. Under the “Stable Act” now in the House, only 66% of Tether’s reserves would be compliant, while under the “Genius Act” in the Senate, this would be 83%.
If one of the two bills were to be approved, JPM analysts believe Tether would need to restructure its reserves.
This has caused considerable concern within the community. After all, the regulatory problems of the issuer in Europe, although having little impact on the company’s activity, have been different. And the US market covers a much larger share than the EU.
Tether's response
However, Tether itself was quick to respond on the matter, stating that it is “closely monitoring the evolution of US regulations and actively engaging with local regulatory bodies”.
Furthermore, the proposed law is reportedly still in its early stages and is yet to undergo consultation with the industry. For this reason, the company should not be concerned yet.
Tether analysts say that JPM does not have enough Bitcoin
— Paolo Ardoino 🤖🍐 (@paoloardoino) February 13, 2025
“These JPMorgan analysts seem a bit jealous that they didn’t buy Bitcoin on the cheap, and that makes them angry,” Tether CEO Paolo Ardoino said on X.
