Cryptocurrency firm Tether (USDT) says it plans to launch a new U.S.-based stablecoin called USAT that’s designed specifically for American residents.
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Tether already operates its own popular stablecoin that is known by its ticker symbol USDT. Company CEO Paolo Ardoino announced at a New York press conference that the company now plans to issue a second, America-focused stablecoin.
Additionally, Tether said that former White House official Bo Hines will lead the new American stablecoin venture as its CEO. The USAT coin should be officially available by the end of 2025. Hines, who joined Tether in August, expressed optimism about the company’s growth prospects.
“We want people to know that Tether is here to participate in the U.S. economy in a huge way,” said Hines. “I think our expansion will be exorbitant over the course of the next 12 to 24 months.” Stablecoins are cryptocurrencies whose value is tied to another asset, typically the U.S. dollar or price of gold.
Crypto Mania
El Salvador-based Tether says its new USAT stablecoin is “designed to comply with the recently enacted GENIUS Act,” referring to new U.S. regulations governing the crypto sector. Ardoino clarified that Tether’s existing dollar-pegged cryptocurrency, USDT, which is already available on most crypto exchanges, will also comply with the GENIUS Act while remaining a foreign stablecoin.
USAT will be issued by Anchorage Digital Bank, which holds a national trust bank charter license with the U.S. Office of the Comptroller of the Currency. There are currently no plans for USAT to offer yield, said Ardoino. Tether is trying to grow its presence in the U.S., where crypto companies are benefiting from the pro-crypto policies of U.S. President Donald Trump.
USDT Performance
Below is a chart that highlights the three-month performance of the U.S. dollar-pegged USDT stablecoin. As one can see, the stablecoin has barely moved in recent months. The price stability is what attracts many investors to these cryptocurrencies.
