Tether's New US-Based Stablecoin: USAT Set to Launch
Tether plans to launch a U.S.-based stablecoin, USAT, targeting U.S. residents. Former White House official Bo Hines will be the CEO, leading the venture to expand Tether's U.S. presence. The move adheres to the GENIUS Act, aligning with new stablecoin regulations.
Tether, the creator of the world's largest stablecoin, is launching a new U.S.-based stablecoin named USAT, aimed at U.S. residents. This strategic move was announced by CEO Paolo Ardoino on Friday.
Bo Hines, a former White House official, will head the initiative as the CEO with plans to launch by the year's end. Speaking at a New York press conference, Ardoino highlighted this as a significant step to increase Tether's foothold in the U.S. amid favorable crypto policies from former President Donald Trump.
The upcoming stablecoin, USAT, will comply with the GENIUS Act, part of recent legislation governing stablecoins in the U.S. Ardoino mentioned USAT will be issued by Anchorage Digital Bank under its national trust bank charter, while existing compliance plans will remain for USDT.
(With inputs from agencies.)
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