Tether, the issuer of the largest stablecoin, has named a CEO for its U.S. business and is launching a new token for U.S. institutions.
The moves underscore Tether's commitment to regulatory engagement and entry into the U.S. The company, once accused of being a criminal's "go-to cryptocurrency" has been rebranding itself as a partner to American lawmakers and law enforcement since pro-crypto President Donald Trump's return to the White House.
Bo Hines, who headed the Presidential Council of Advisors for Digital Assets, has been appointed CEO of Tether U.S., whose headquarters will be based in Charlotte, N.C.
The company is also launching a token called USAT, which will be regulated in the U.S. under the GENIUS Act. While USD Tether (USDT) serves global markets, the new token is designed for businesses and institutions operating under a U.S. regulatory framework.
"For over a decade, Tether – as the creator of the stablecoin industry – has issued USDT, the backbone of the digital economy, and today the U.S dollar stablecoin for hundreds of millions of underserved people living in emerging markets, proving that digital assets can deliver trust, resilience, and freedom on a global scale," said Paolo Ardoino, CEO of Tether, who teased the new token to CNBC in May.
USAT will employ Tether's proprietary tokenization platform, Hadron. Crypto bank Anchorage Digital will be the issuer of USAT, and Cantor Fitzgerald will act as the reserve custodian and preferred primary dealer.
USDT was created in 2014 to be pegged to the value of the U.S. dollar and was the only stablecoin on the market for years before U.S.-regulated alternatives like Circle's USDC cropped up. It has remained the most popular and dominant stablecoin despite controversy and regulatory scrutiny over the years – largely because of the widespread adoption and liquidity its first mover advantage has afforded it.