Tether is rolling out a new stablecoin called USAT, which is designed for American institutions and residents. The company also named Bo Hines the new chief executive of its US arm.
Tether’s USDT was once tagged as the cryptocurrency most preferred by criminals. After pro-crypto President Trump returned to the Oval, the firm now casts itself as a partner to U.S. lawmakers and law enforcement.
Tether said the latest steps mark a push into the United States and closer collaboration with US regulators. Its new stablecoin, USAT, will be regulated in the United States as part of the new GENIUS Act.
While USDT targets global users, the new coin is designed for institutions and businesses subject to U.S. regulations.
Bo Hines will oversee the launch of USAT
As reported earlier by Cryptopolitan, Hines was previously named a “strategic advisor” to the stablecoin giant. According to the latest announcement, Hines will now run Tether’s U.S. business and oversee the USAT launch.
“The simultaneous introduction of both the token and CEO reflects Tether’s commitment to delivering a U.S.-regulated dollar-backed stablecoin backed by transparent reserves, strong governance, and American leadership from day one,” the company wrote in a press release.
Asked at a press conference on Friday, Tether Group CEO Paolo Ardoino said the company would not pursue a public listing. That answer closed the door on a near-term listing discussion.
“For over a decade, Tether – as the creator of the stablecoin industry – has issued USDT, 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,” CEO Ardoino said.
USAT will use Tether’s tokenization system
USAT will make use of the company’s tokenization platform, Hadron, while Anchorage Digital will serve as the issuer. At the same time, Cantor Fitzgerald would remain the primary dealer and reserve custodian.
USDT “is already one of the largest holders of U.S. Treasuries,” Ardoino added. “USAT is our commitment to ensuring that the dollar not only remains dominant in the digital age, but thrives.” He said the new token is meant to serve that goal.
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Source: https://www.cryptopolitan.com/tether-launches-us-stablecoin/
