The USDT issuer Tether has announced the launch of its much-awaited U.S.-based stablecoin. The Tether USAT stablecoin will comply with the GENIUS Act, while former White House crypto adviser Bo Hines will serve as the CEO.
Tether USAT To Launch In The U.S. As Hines Takes Up CEO Role
In a press release, the USDT issuer unveiled its U.S.-regulated dollar-backed stablecoin, USAT, and also announced the appointment of Bo Hines as the future CEO once the stablecoin launches. Tether stated that this move reflects its commitment to delivering a “U.S.-regulated dollar-backed stablecoin backed by transparent reserves, strong governance, and American leadership from day one.
The Tether USAT stablecoin will comply with the GENIUS Act, which came into force in July earlier this year. The stablecoin issuer again reiterated that this marks a major step toward aligning digital asset innovation with the country’s established leadership in financial regulation.
Hines’s emergence as the USAT CEO follows his earlier appointment as an adviser to lead Tether’s U.S. expansion. He was on the White House Digital Asset Working Group that worked on the crypto policy report.
As such, Hines is expected to bring his expertise from working on the committee and his knowledge of the U.S. market. In line with the GENIUS Act, the Tether USAT stablecoin will hold reserves such as the U.S. dollar and short-term treasury bills.
How The Stablecoin Will Operate
The Tether USAT stablecoin will leverage the Hadron tokenization platform. Anchorage Digital, which is the first federally regulated crypto bank, will be the stablecoin’s issuer. The crypto bank will issue the coin in compliance with the GENIUS Act.
Tether plans to utilize its global distribution network to promote the stablecoin’s adoption. Meanwhile, Cantor Fitzgerald will custody the reserves for the stablecoin and serve as the preferred primary dealer.
Tether CEO Paolo Ardoino said that with the introduction of the USAT stablecoin and Bo Hines’s appointment as future CEO, they are bringing the same strength to the U.S. under a world-leading regulatory framework. He further noted that his firm is already one of the largest holders of U.S. Treasuries, as they believe in the “enduring power of the dollar.
Ardoino added that the Tether USAT stablecoin is their commitment to ensuring that the dollar not only remains dominant in the digital age but also thrives through more transparent products.
Bo Hines commented on his emergence as the CEO of the Tether USAT stablecoin. He noted that by building the stablecoin with compliance, transparency, and innovation, they are ensuring that the dollar remains the foundation of trust in the crypto space.
Boluwatife Adeyemi
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Source: https://coingape.com/tether-to-launch-us-based-stablecoin-usat-with-bo-hines-as-ceo/