Tether has unveiled USAT, a dollar-backed stablecoin created specifically for the United States market, in line with new regulatory standards set by the GENIUS Act. The legislation, signed into law in July, requires stablecoin issuers to hold reserves in liquid assets and report them publicly each month.
The new token will be issued by Anchorage Digital Bank, while Cantor Fitzgerald has been appointed as custodian and preferred dealer of the reserves. Tether stated that the stablecoin will operate using its proprietary Hadron platform, expanding the company’s regulated financial offerings.
Former White House crypto adviser Bo Hines has been appointed CEO of Tether USAT, which will be headquartered in Charlotte, North Carolina. He said the company intends to grow substantially in the US market over the next two years.
We want people to know that Tether is here to participate in the US economy in a huge way.
Bo Hines, CEO of Tether USAT Related: Tether Eyes US Institutional Launch Following GENIUS Act Approval
Paolo Ardoino, CEO of Tether, presented the launch during a press event in New York, noting that USAT will be Treasury-backed and will allow the firm to compete more effectively in the American market while ensuring the US dollar maintains its global standing in digital assets. Industry commentators described the decision to rely on Anchorage Digital and Cantor Fitzgerald as signalling a clear regulatory-first strategy.
Tether has already become one of the largest holders of US Treasury bills, purchasing more than US$33.1 billion (AU$49.8 billion) in 2024. Ardoino said this reflects the company’s commitment to supporting US economic strength while broadening its digital currency products.
The launch also intensifies competition with Circle, issuer of USDC, which currently has a market capitalisation of about US$73 billion (AU$109.6 billion), significantly smaller than Tether’s USDT at US$169 billion (AU$253.9 billion). Analysts suggest USAT could reshape the market, challenging Circle’s position as the regulated alternative in the US.
Related: Circle Shares Slide Despite Strong Earnings as USDC Growth Falls Short
The post Tether Launches USAT Stablecoin Under New CEO Bo Hines appeared first on Crypto News Australia.
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