Tether Introduces USAT Stablecoin for US Market, Names Bo Hines as Local CEO

USDT dominance

At a company event on Friday, Tether’s CEO Paolo Ardoino highlighted the flagship stablecoin USDT which recently surpassed $169 billion in market cap, with almost 500 million users globally. According to Tether, the launch of USAT is the next step in bridging traditional finance with the digital asset economy, while reinforcing US leadership in stablecoin innovation.

Tether’s new coin aims to build on the success of USDT “under a world-leading US regulatory framework,” Ardoino said in a press release.

Since the US Congress passed the GENIUS Act earlier this year, Tether’s management has been vocal about establishing a regulation-compliant stablecoin that’s accessible to US users. Ardoino aims to ensure USDT is also available to a US user base, though if that happens it’s not clear what the distinction between the two coins would be.

Posting about USAT on X, Ardoino said it is “made for America.”

Bo to CEO

The new project will be led by Bo Hines, former Executive Director of the White House Crypto Council. He has been named CEO of Tether USAT, having moved to Tether in August, 10 days after he left the White House. In the company’s press release, Hines stated that USAT is being built with “compliance, transparency, and innovation at its core.” He added that the goal is to “ensure the dollar remains the foundation of trust in the digital asset space.”

Tether is currently headquartered in El Salvador, but the USAT headquarters will be in Charlotte, North Carolina.

Expected to launch at the end of the year, the coin will be issued by Anchorage Digital. Cantor Fitzgerald, the financial services firm chaired by the son of current US Commerce Secretary Howard Lutnick, was appointed as reserve custodian and preferred primary dealer.