Tether has announced that it intends to launch what it describes as a “US-regulated dollar-backed stablecoin” called USAT that will be led by Bo Hines, the former executive director of the President’s Council of Advisers on Digital Assets.
The new coin is described as something that “will be designed to comply with the recently enacted GENIUS Act” and “will leverage the Hadron by Tether” technology.
Hadron is an asset tokenization platform created by Tether that is meant to make it easier for other firms to issue “anything from commodities and corporate equity to government debt, corporate bonds, stablecoins and practically any other valuable asset, even loyalty points.”
Read more: Is the US government allowed to sell gold to buy bitcoin?
The announcement on Tether’s website also notes that USAT, like USDT, will rely on Cantor Fitzgerald as a custodian for this stablecoin.
According to the same announcement, the “issuer” for this stablecoin will be Anchorage Digital Bank.
Cantor Fitzgerald was founded by Donald Trump’s Commerce Secretary, Howard Lutnick, and the firm is still led by his sons.
Before working with the president, Hines had limited experience, though he did co-found an investment firm, NXUM Capital with his father, and was able to fund his 2022 political campaign thanks to a generous trust fund (at the time his financial disclosures listed no job, no bank account, and no income).
Tether’s announcement referenced Hines’ entrepreneurial history as one of the reasons he was a compelling person to lead USAT; the other reason, of course, is that he was “the former executive director of the White House Crypto Council.”
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Source: https://protos.com/tethers-new-usat-led-by-bo-hines/