The stablecoin giant Tether is preparing to plant its flag firmly in the U.S. financial system with the introduction of a new dollar-backed token called USAT.
In a twist that underlines just how seriously the company is treating this move, Tether has tapped former White House crypto adviser Bo Hines to lead the project as its incoming CEO.
The initiative arrives only months after the GENIUS Act came into force, establishing the first clear set of rules for stablecoins in the United States. Tether is positioning USAT as its answer to this legislation, promising that the new token will be anchored by fully transparent reserves consisting of U.S. dollars and short-term Treasuries.
Bo Hines Steps In
For Hines, the role marks a pivot from policymaking to building. His background includes work on the White House Digital Asset Working Group, where he contributed to shaping national crypto guidelines. Now, he’s set to steer USAT’s launch, bringing an insider’s view of Washington’s expectations into Tether’s executive ranks.
Hines has framed the project as a matter of trust. “The dollar must remain the bedrock of digital finance,” he said in comments shared with media, describing USAT as a blend of compliance, transparency, and innovation.
Anchorage and Cantor Fitzgerald in the Mix
To ensure credibility, Tether has lined up heavyweight U.S. partners. Anchorage Digital, recognized as the first federally regulated crypto bank, will handle the issuance of the stablecoin. The reserves, meanwhile, will be custodied by Cantor Fitzgerald, a firm that already plays a major role as a primary dealer in Treasuries.
This infrastructure is designed to differentiate USAT from Tether’s global USDT operations, which have faced criticism over the years for opaque structures. Here, the emphasis is on American oversight and trusted institutions from the start.
Ardoino’s Dollar Play
Tether’s CEO Paolo Ardoino framed the launch as both strategic and patriotic. He stressed that Tether already holds vast amounts of U.S. government debt and sees the dollar as central to the digital economy’s future. By embedding USAT in a regulatory environment and pairing it with American leadership, Ardoino suggested Tether is ensuring the dollar remains dominant on blockchain rails.
Competition Heats Up
The arrival of USAT raises the stakes for rivals. Circle’s USDC has long branded itself as the “regulator-friendly” stablecoin, but Tether’s new U.S.-compliant token could challenge that dominance. With Tether’s unmatched global reach, the question now is whether USAT can win the same level of trust domestically.
For policymakers, the launch will test whether the GENIUS Act is working as intended—encouraging innovation without sacrificing oversight. For traders and institutions, it signals that the fight for stablecoin supremacy in the U.S. is only just beginning.
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Source: https://coindoo.com/tethers-big-u-s-move-new-stablecoin-and-a-washington-insider-ceo/