Tether to Launch USAT Stablecoin for U.S. Residents Under New GENIUS Act
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Tether, the issuer of the world’s largest stablecoin USDT, announced plans to launch USAT, a U.S.-based stablecoin designed for American residents, by the end of the year. The venture will be led by former White House official Bo Hines as CEO and headquartered in Charlotte, North Carolina. USAT will be issued by Anchorage Digital Bank, which holds a U.S. trust bank charter, with Cantor Fitzgerald serving as custodian and primary dealer. Tether CEO Paolo Ardoino said the move marks a major U.S. expansion, adding that competitors have been trying to monopolize the U.S. market. The launch follows passage of the GENIUS Act, which sets federal rules for stablecoins, requiring full liquid backing and monthly reserve disclosures. While USDT will remain a foreign-issued stablecoin, Tether plans to comply with the Act and benefit from reciprocity. Tether, already the seventh-largest buyer of U.S. Treasuries with $33.1 billion in holdings, expects to play a major role in the U.S. economy. The expansion comes just months after rival Circle’s $1 billion U.S. IPO. The company has faced past scrutiny over reserve transparency and regulatory compliance but insists it is not under active investigation. Hines said Tether’s U.S. growth will be “exorbitant” over the next 12–24 months.