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Tether, the USDT issuer, is making big changes to its operations, adding Bo Hines, a former crypto advisor to President Donald Trump, as CEO of its American division and launching a new dollar-pegged cryptocurrency designed specifically for US institutions.
Tether’s New USAT Token
Hines, who previously led the Presidential Council of Advisors for Digital Assets, began advising Tether in August, following a brief tenure at the White House. Under his leadership, Tether US will be headquartered in Charlotte.
In conjunction with Hines’s appointment, the stablecoin issuer is introducing a new token called “USAT,” which will operate under the recently signed GENIUS Act, which aims to provide a new regulatory framework for the fast-growing stablecoin sector in the country.
While the firm’s USDT, the largest stablecoin by trading volume, continues to serve global markets, USAT is specifically designed to cater to businesses and institutions that require compliance with US regulations.
The launch of USAT will utilize Tether’s proprietary tokenization platform, Hadron. Anchorage Digital will serve as the issuer of USAT, while Cantor Fitzgerald has been designated as the reserve custodian and preferred primary dealer.
Paolo Ardoino Highlights USAT Token’s
Tether’s CEO, Paolo Ardoino, emphasized the importance of the firm’s new USAT token, highlighting its role in building trust and improving accessibility in the digital economy. Ardoino added:
For over a decade, Tether – as the creator of the stablecoin industry – has issued USDT, the backbone of the digital economy, and today the US 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
Ardoino reiterated Tether’s dedication to ensuring the dollar remains central in the digital age, stating, “USAT is our commitment to ensuring that the dollar not only remains dominant, but thrives.”
The daily chart shows the total market cap surge near the $4 trillion mark. Source: TOTAL on TradingView.com
Featured image from DALL-E, chart from TradingView.com
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