Tether Launches New U.S.-Based Stablecoin, USAT

Cryptocurrency firm Tether has launched a new stablecoin designed specifically for the American market, named USAT. This move comes amidst rapid growth within the stablecoin sector and is in line with recent regulatory clarity regarding stablecoins under the GENIUS Act. The launch will see Bo Hines appointed as CEO of Tether’s U.S. division. Tether has partnered with Anchorage Digital Bank, a federally regulated crypto bank, for the USAT token’s issuance. Cantor Fitzgerald will manage reserves, ensuring the stablecoin is backed 1:1 by the US dollar with publicly disclosed reserves, reflecting the new regulatory standards.