Key Notes
- Former White House Crypto Council Executive Director Bo Hines will lead the new US-regulated stablecoin initiative.
- USAT will be fully dollar-backed and issued through Anchorage Digital with Cantor Fitzgerald as reserve custodian.
- Tether’s existing USDT dominates the market with nearly 500 million users and $169.5 billion market capitalization.
Tether is launching a new stablecoin called โUSATโ that will be โpurpose-built to serve the U.S. market and support American regulatory standardsโ under the leadership of Bo Hines, the former Executive Director of the White House Crypto Council.
Hines joined the firm as an advisor in mid-August. Heโll now lead the USAT project as CEO of Tether USAT, according to a Sept. 12 press release. Hines, in a public statement, said the company had begun development on the new stablecoin and that it was focused on โcreating a U.S.-regulated dollar-backed stablecoin designed to strengthen Americaโs role in the global economy.โ
The firm didnโt give an expected launch date for USAT, but it did say the new stablecoin would be โGENIUS Act compliantโ and that it would leverage the companyโs own Hadron real-world-assets tokenization platform. It will also be fully backed by the US dollar. USAT will be issued by the Anchorage Digital bank and Cantor Fitzgerald will serve as the stablecoinโs designated reserve custodian and preferred primary dealer.
USDT Dominates Market with 500 Million Users
According to the press release, Tetherโs USDT stablecoin now reaches nearly 500 million users. Data from CoinMarketCap indicates USDT has a market cap of approximately $169.5 billion. It is by far the largest stablecoin by cap, with Circle as its closest competitor with a market cap of $72.3 billion as of the time of this articleโs publication.
The official USAT account on X.com was created in 2023, indicating that the firm has had the new stablecoin, or a project with a similar name, in its sights for at least a couple of years. Its first posts werenโt until Sept. 12, 2025, however.
As of yet, no time frame has been given for USATโs official launch date or whether there will be geo-restrictions governing its availability once released.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Tristan is a technology journalist and editorial leader with 8 years of experience covering science, deep tech, finance, politics, and business. Before joining Coinspeaker, he wrote for Cointelegraph and TNW.
