JPMorgan analysts believe that Tether may be forced to sell some of its assets, including Bitcoin, precious metals, and corporate papers, to comply with new U.S. stablecoin regulations. The company currently holds 83,758 Bitcoins worth over $8 billion, but if one of the proposed bills—STABLE Act or GENIUS Act—is passed, Tether will have to restructure its reserves.

These bills impose strict requirements on stablecoin backing with liquid assets. According to JPMorgan estimates, only 66% of Tether’s reserves comply with the STABLE Act, while 83% meet the GENIUS Act’s criteria. In Europe, the situation has also become more complex: due to MiCA regulations requiring 60% of reserves to be held in European banks, USDT has already been delisted from some exchanges. However, Tether’s main market is the U.S., where the new regulations could have a greater impact.

Despite these challenges, Tether continues to show strong financial performance. By the end of 2024, net profit exceeded $13 billion, and total reserves reached $113 billion, with 80% allocated to U.S. Treasury bonds. Additionally, the company holds a reserve fund of $7 billion and has $5 billion in unrealized gains from gold and Bitcoin.

Tether CEO Paolo Ardoino remains confident in the company’s stability. He emphasizes that the Q4 2024 report confirms Tether’s transparency and liquidity, with $45 billion in new token issuance over the year. However, if new laws come into effect, Tether will have to adapt, potentially leading to a restructuring of its reserve strategy.