Yes. But who owns it. Tether Limited (a company under iFinex, which also runs the Bitfinex exchange).
The Treasury will control the stable coin $. They will not let it out of their control. They will not allow another off-shore $. See the Genius Act.
It creates a clear national regulatory framework specifically for payment stablecoins — digital tokens like USDT (Tether), USDC, etc.,
Foreign issuers like Tether (USDT) can offer stablecoins in the U.S. only if they meet equivalence/reciprocity standards and comply with U.S. rules (e.g., freeze capability, AML).
They will be regulated by the Treasury.
Comparable regulatory regime: The foreign country’s rules for stablecoins must be deemed comparable (or substantially similar) to the GENIUS Act by the U.S. Secretary of the Treasury. This decision requires a unanimous recommendation from the other members of the Stablecoin Certification Review Committee (SCRC) — which includes Treasury (chair), the Federal Reserve, and FDIC.
The GENIUS Act (signed July 2025) explicitly limits issuance of payment stablecoins (USD-pegged tokens for payments/settlement) to permitted payment stablecoin issuers (PPSIs) only. These are:Subsidiaries of insured banks. Federally qualified non-bank issuers (chartered/approved by OCC).
Smaller state-qualified issuers (up to $10B in circulation).
The Treasury ultimately has the say so.