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Tether, the company behind USDT, the world's largest stablecoin by market cap, said it will defend itself from "shakedown" litigation brought by bankrupt crypto lender Celsius on Friday.

The circulating supply of the dollar-linked stablecoin on the two blockchains represents roughly 0.1% of the total USDT supply.

The tokenization platform is part of Tether's ambition to diversify its business from issuing the $126 billion USDT stablecoin.

Use of Tether has increased in Venezuela after the U.S. reimposed sanctions on oil exports.

Adecoagro is a founder and partial owner in an Argentina-based agricultural commodities tokenization platform Agrotoken.

The leading stablecoin issuer is comfortable holding its T-bills at a U.S. institution because it respects international sanctions, CEO Ardoino said in an interview.

The new regulations could offer banks a competitive edge by limiting institutions without a banking license to a maximum stablecoin issuance of $10 billion, the report said.

Ardoino says there's more of a need for stablecoins outside the U.S., especially in countries with rampant inflation and shoddy financial infrastructure.

The two largest digital dollar providers have chosen different paths in dealing with a perceived lack of global clarity on stablecoin rules: Circle is looking to U.S. lawmakers to provide guidance, while Tether is taking a hands-on approach to

The largest stablecoin's market cap has almost doubled, while key rivals declined and new entrants have yet to challenge its position.