Tether, the company behind the world’s largest stablecoin, USDT, today unveiled a new U.S.-regulated stablecoin called USAT, designed specifically for the American market. The announcement, made during an event in New York City, also revealed the appointment of Bo Hines as the future CEO of Tether’s new American division.
The move comes amid a period of significant growth for the stablecoin sector, which has seen its total market capitalization expand from $208 billion to $287 billion this year. This expansion has been supported by new regulatory clarity, including the passage of the GENIUS Act in mid-July. The law, signed by the U.S. President Donald Trump, establishes a federal framework for stablecoin issuers.
USAT is designed to be fully compliant with the new GENIUS Act. Tether has partnered with federally regulated crypto bank Anchorage Digital, which will serve as the token’s issuer. Cantor Fitzgerald will manage the reserves, ensuring the stablecoin is backed 1:1 by the U.S. dollar with disclosed reserves, a critical component of the new regulatory standards.
“For over a decade, Tether – as the creator of the stablecoin industry – has issued USD₮, the backbone of the digital economy, and today the U.S dollar stablecoin for hundreds of millions of underserved people living in emerging markets, proving that digital assets can deliver trust, resilience, and freedom on a global scale. Today, with the introduction of USA₮ and Bo Hines’s appointment as future CEO of Tether USA₮, we are taking the next natural step, bringing that same strength to the U.S. under a world-leading U.S.-regulatory framework,” said Paolo Ardoino, CEO of Tether.
According to Ardoino, the motivation behind the new stablecoin is to bring the benefits of digital dollars to the U.S., the world’s most prominent financial market. While Tether’s existing USDT stablecoin has a market cap of $169 billion and is widely used in emerging markets, USAT is being framed as a product tailored for U.S. businesses and institutions.
Bo Hines, CEO-Designate of Tether USA₮, a lawyer and former Director of the White House Crypto Council, will lead the new U.S. entity. In a statement, Hines expressed, “I am honored to lead USA₮ as we prepare for its launch, creating a U.S.-regulated dollar-backed stablecoin designed to strengthen America’s role in the global economy,” he added,. “By building USA₮ with compliance, transparency, and innovation at its core, we are ensuring that the dollar remains the foundation of trust in the digital asset space.”
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