We are the boots on the ground,” Tether Chief Executive Paolo Ardoino told MarketWatch, “building the biggest distribution network, physical and digital, for the U.S. dolla

Worries that long-term U.S. growth will fade could matter more for the currency than the mechanical impact of tariffs.

So far this year, the US dollar index, which tracks the greenback against a basket of other global currencies, has tumbled 4.7%.

The U.S. dollar rebounded against major currencies such as the euro and yen on Friday after Federal Reserve Chairman Jerome Powell acknowledged the repercussions of larger-than-expected U.S. tariffs and signaled a cautious tone on future easing.

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports, bringing the total U.S. tariff on Chinese goods to at least 54%.