Tether has announced it will be issuing a domestic U.S. stablecoin called $USAT as part of its immediate plans, according to its press release.
The world’s largest stablecoin issuer has revealed it will be adhering to the recent Genius Act passed in July and accordingly, issue a domestic U.S. stablecoin variant called $USAT.
This is expected to be operationally guided by Bo Hines as the CEO, having recently joined Tether from his White House role at the end of the summer.
Bo Hines expressed his joy over the announcement:
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. 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.
CEO Paolo Ardoino has also commented, adding that:
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.
The new entity will also be partnering with Anchorage Digital, currently the only licensed crypto bank entity to operate and issue stablecoins following an acquisition of Mountain Protocol to ensure that all regulatory efforts are properly handled.
This initiative was also covered live in a New York event featuring key players from the teams involved.
Tether has recently reached a 170B supply, the largest in the stablecoin market, and also released a Q2 attestation report early this year, which solidifies it as one of the world’s largest holders of U.S. Treasuries at $127B – rivalling the holdings of most countries.
