Tether Expands in U.S. with New Stablecoin $USAT
- Tether plans to launch $USAT, a new stablecoin, to comply with the GENIUS Act’s regulations.
- $USAT will be issued by Anchorage Digital Bank, ensuring regulatory compliance.
- Bo Hines, formerly of the White House Crypto Council, is appointed to lead the $USAT initiative.
- Tether remains private with profits of approximately $13.7 billion last year.
- $USDT has a market cap of $171 billion but operates under foreign issuer status in the U.S.
Tether is launching $USAT to capture the U.S. stablecoin market while maintaining its private company status due to strong profitability and strategic focus on long-term goals without public scrutiny.
With Tether’s new move into the U.S., it aims to complement its global presence through $USDT while adhering to domestic regulations via $USAT, enhancing its competitive edge against other stablecoins like Circle’s $USDC. (Source)
