Tether Debuts GENIUS-Compliant USAT Stablecoin

Tether is taking a major step to future proof itself for U.S. markets. The stablecoin issuer has launched a new GENIUS-compliant token, USAT, and named former White House crypto advisor Bo Hines as CEO of its U.S. business.

What’s the Scoop?

• New Token: Tether’s USAT will be compliant under the GENIUS Act. Unlike USDT, which serves global users, USAT is designed for institutions operating under a U.S. regulatory framework.
• Leadership Move: Bo Hines, who briefly led the White House’s digital assets advisory group, has been appointed CEO of Tether U.S. after joining the company as an advisor in August.
• U.S. Treasuries: Tether is already one of the largest holders of U.S. Treasuries, and says USAT reinforces that position by anchoring the dollar’s role in the digital age.

Bankless Take:

While USAT produces fragmentation with Tether's core USDT stablecoin, it's introduction was necessary for Tether to retain a foothold in U.S. crypto markets under GENIUS Act regulation. We'll be watching to see how this new onchain dollar competes with other GENIUS-compliant stables, like Circle's USDC.