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Tether unveils U.S-regulated stablecoin USAT, with Bo Hines as CEO
Crypto Trends

Tether unveils U.S-regulated stablecoin USAT, with Bo Hines as CEO

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Tether has announced the planned launch of its U.S.-regulated stablecoin USAT, with Bo Hines, former digital assets advisor to President Donald Trump, as head of the project.

Summary

  • Tether plans to unveil its U.S.-regulated stablecoin USAT later this year.
  • Bo Hines, who joined Tether in August 2025, will be the chief executive officer of Tether USAT.

Tether said on Sept. 12 that it planned to issue USAT as a regulated, dollar-backed stablecoin for the U.S. market, and that Bo Hines would become its first chief executive officer.

Unveiling of USAT and Hines appointment as CEO positions Tether UAST as a project that boasts “transparent reserves, strong governance, and American leadership from day one,” the company said in the press release.

USAT will comply with the GENIUS Act, the stablecoin legislation that recently became law in the United States. GENIUS targets stablecoin issuance and supports adoption across the U.S., with digital asset innovation central to the shift in approach to financial regulation regarding crypto.

“I am honored to lead USAT as we prepare for its launch, creating a U.S.-regulated dollar-backed stablecoin designed to strengthen America’s role in the global economy,” said Bo Hines. “By building USAT with compliance, transparency, and innovation at its core, we are ensuring that the dollar remains the foundation of trust in the digital asset space.”

Tether will tap into federally regulated crypto bank Anchorage Digital as the token issuer. Meanwhile, Cantor Fitzgerald is set to be USAT’s reserves manager. USAT launch is targeted for rollout in late 2025.

Compliance key to Tether growth

Tether’s upcoming entry into the U.S.-regulated stablecoin market will see it battle for traction alongside key players such as Circle, Ripple and World Liberty Financial. Hines joined Tether in August, with the company announcing he would lead its U.S. expansion efforts.

Making inroads as a compliant stablecoin also means no major uncertainty as that which befell Tether’s flagship product – the USDT (USDT) as European Union’s Markets in Crypto Assets rules came into effect in December 2024. Compliance across the U.S. means Tether could eye public listing in the country.

USDT is the world’s largest stablecoin, with a market capitalization of over $169 billion. Usage across the globe sees its daily transaction volumes exceed those of many traditional finance giants, including credit card and remittance providers.

Meanwhile, Tether Group’s footprint as a crypto company saw it net over $13 billion in profits in 2024, and it is currently one of the largest holders of U.S. Treasuries. According to recent details, Tether has outpaced Germany, South Korea, and Australia to rank 18th on the list of leading U.S. Treasuries holders.

Commenting on Tether’s growth, CEO Paolo Ardoino said:

“Today, with the introduction of USAT and Bo Hines’s appointment as future CEO of Tether USAT, we are taking the next natural step, bringing that same strength to the U.S. under a world-leading U.S.-regulatory framework.”



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Tether Launches New U.s. Stablecoin, Usat, Tapping Bo Hines As Ceo
GameFi Guides

Tether Launches New U.S. Stablecoin, USAT, Tapping Bo Hines as CEO

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Tether, the company behind the world’s largest stablecoin, USDT, today unveiled a new U.S.-regulated stablecoin called USAT, designed specifically for the American market. The announcement, made during an event in New York City, also revealed the appointment of Bo Hines as the future CEO of Tether’s new American division.

The move comes amid a period of significant growth for the stablecoin sector, which has seen its total market capitalization expand from $208 billion to $287 billion this year. This expansion has been supported by new regulatory clarity, including the passage of the GENIUS Act in mid-July. The law, signed by President Donald Trump, establishes a federal framework for stablecoin issuers.

USAT is designed to be fully compliant with the new GENIUS Act. Tether has partnered with federally regulated crypto bank Anchorage Digital, which will serve as the token’s issuer. Cantor Fitzgerald will manage the reserves, ensuring the stablecoin is backed 1:1 by the U.S. dollar with disclosed reserves, a critical component of the new regulatory standards.

“For over a decade, Tether – as the creator of the stablecoin industry – has issued USD₮, 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. Today, with the introduction of USA₮ and Bo Hines’s appointment as future CEO of Tether USA₮, we are taking the next natural step, bringing that same strength to the U.S. under a world-leading U.S.-regulatory framework,” said Paolo Ardoino, CEO of Tether.

According to Ardoino, the motivation behind the new stablecoin is to bring the benefits of digital dollars to the U.S., the world’s most prominent financial market. While Tether’s existing USDT stablecoin has a market cap of $169 billion and is widely used in emerging markets, USAT is being framed as a product tailored for U.S. businesses and institutions.

Bo Hines, CEO-Designate of Tether USA₮, a lawyer and former director of the White House Crypto Council, will lead the new U.S. entity. In a statement, Hines expressed, “I am honored to lead USA₮ as we prepare for its launch, creating a U.S.-regulated dollar-backed stablecoin designed to strengthen America’s role in the global economy,” he added,. “By building USA₮ with compliance, transparency, and innovation at its core, we are ensuring that the dollar remains the foundation of trust in the digital asset space.”

Also Read: OKX and Tether Join Forces to Simplify Cross-Chain USDT Transfers



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Former Bethesda Boss Pete Hines Has Strong Words About Subscription Services In Gaming
Game Updates

Former Bethesda Boss Pete Hines Has Strong Words About Subscription Services In Gaming

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Subscription services in gaming are popular, and while they are very far from the only way to buy and play games, the profile of the business model is growing thanks in part to the backing of multi-trillion-dollar company Microsoft and its Xbox Game Pass service. Pete Hines, the longtime Bethesda marketing and publishing boss who retired after Microsoft bought his company, has now shared his thoughts on subscription services for games–and he has some issues.

In an interview with dbltap, Hines began by saying he doesn’t work at Bethesda anymore and is under no assumption that he what he knew when he was there still holds true today. That said, he believes he is involved enough in gaming still today to understand “what I considered to be some short-sighted decision making several years ago, and it seems to be bearing out the way I said.”

Hines said his main issue with a subscription service like Game Pass or others is that the economics might not always make sense–and that’s a critical point in a world with mass layoffs, studio closures, and game cancellations.

“Subscriptions have become the new four letter word, right? You can’t buy a product anymore. When you talk about a subscription that relies on content, if you don’t figure out how to balance the needs of the service and the people running the service with the people who are providing the content–without which your subscription is worth jack sh*t–then you have a real problem,” he said.

Hines went on to say a company behind a subscription service for games needs to “properly acknowledge, compensate, and recognize what it takes to create that content and not just make a game, but make a product.”

The “tension” inherent in the situation that Hines outlined is “hurting a lot of people,” including game developers, Hines said.

“Because they’re fitting into an ecosystem that is not properly valuing and rewarding what they’re making,” he said.

These comments appear to be aligned with what Take-Two boss Strauss Zelnick has said about subscription services. While the company might put some older titles on subscription services like Game Pass–and the company has done this with GTA 5–Zelnick said he wouldn’t launch a brand-new game into Game Pass because of the economics. Zelnick has acknowledged that Microsoft putting Call of Duty on Game Pass will no doubt help drive subscribers to the service, but the executive said this may only work “for a period of time.”

While Microsoft launches all of its first-party games into Xbox Game Pass on day one, Sony doesn’t do this with its own PlayStation Plus membership program. PlayStation’s former president Jim Ryan seemed to agree with Zelnick and previously discussed how this doesn’t make economic sense.

For its part, Electronic Arts has a subscription service called EA Play Pro, and for $17/month, members can get access to the company’s newest games at launch. Ubisoft, meanwhile, has a subscription service called Ubisoft+ ($18/month) that allows members to play new releases on day one.

Of course, subscription services are not the only way to access games today, and Microsoft has maintained from the onset of Game Pass that it’s just one option for players–they can always buy a game outright as well. Still, some fear that the economics of Game Pass could lead to troubled times down the road.

There has been significant upheaval at Microsoft in recent times, with the company enacting mass layoffs, cancelling games, and closing at least one studio. For the latest financial year, Xbox Game Pass generated nearly $5 billion annually for the first time.

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Pete Hines appears on a stage.
Game Updates

Pete Hines Says Game Pass Worth ‘Jack S***’ Without The People Who Make It

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Bethesda’s former VP of publishing, Pete Hines, still sounds skeptical of Game Pass. Nearly two years after leaving the Fallout and Elder Scrolls maker, the veteran video game marketer shared his concerns about subscription gaming’s long-term impact on the industry. “You need to properly acknowledge, compensate, and recognize what it takes to create that content and not just make a game, but make a product,” he said in a new interview with DBLTap.

Hines had worked at Bethesda for over two decades when it was acquired by Microsoft in 2021 for over $7 billion. While the relationship seemed like a natural fit following a long history of closely working together, going back to the days of porting Morrowind to Xbox, there were clear cracks as Microsoft’s gaming strategy evolved following the launch of the Xbox Series X/S.

Internal communications revealed during the FTC trial over the tech giant’s acquisition of Activision Blizzard suggested Hines in particular was frustrated with a mandate that Bethesda stop bringing its games to rival platform PlayStation 5. Indiana Jones and the Great Circle was multiplatform before becoming an Xbox exclusive, only for it to go multiplatform again when Microsoft pivoted in the years after Hines retired.

While the former exec doesn’t touch on that messy 180 in the new interview, he does address concerns about subscription gaming and especially how servicing something like Game Pass drives incentives within a massive publishing organization like Xbox. Earlier this summer, Microsoft’s gaming division was hit with more mass layoffs, including the cancellation of an internally well-regarded loot shooter project called Blackbird that was being developed at the Bethesda-adjacent ZeniMax Online.

I’m involved enough to know I saw what I considered to be some short sighted decision making several years ago, and it seems to be bearing out the way I said. Subscriptions have become the new four letter word, right? You can’t buy a product anymore. When you talk about a subscription that relies on content, if you don’t figure out how to balance the needs of the service and the people running the service with the people who are providing the content – without which your subscription is worth jack shit – then you have a real problem. You need to properly acknowledge, compensate and recognize what it takes to create that content and not just make a game, but make a product. That tension is hurting a lot of people, including the content creators themselves, because they’re fitting into an ecosystem that is not properly valuing and rewarding what they’re making.

A big topic recently has been whether Microsoft’s first-party game studios are compatible with Game Pass. The company says Game Pass is profitable and that it takes into account lost sales from games being available for free to paying subscribers. But it’s still unclear how the development costs for those games are captured within the company and what the new metrics are for success. Does total minutes of your game played matter more than total sales? Would studios like Hi-Fi Rush maker Tango Gameworks still have been shuttered if that were the case?

However the current system works, Hines seems concerned it’s not “properly valuing and rewarding” what developers at the company are making. And that’s before getting into questions about recent mass layoffs, their impact on morale, and institutional brain drain when senior people disappear from an organization. But it’s also unclear how much the Game Pass question will ultimately matter in the long run.

Subscriber numbers appear to have hit a ceiling and Microsoft is now selling games on PS5, a marketplace much closer to the product-oriented one Hines says teams like those inside Bethesda were originally designed for. At the rate Microsoft keeps pivoting, it’s hard to know where things will go next.



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Strategic Bitcoin Reserve News Bo Hines
GameFi Guides

Bo Hines Confident Bitcoin Reserve Act Heads For 2025 Approval

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bo Hines, the former White House crypto director who helped shepherd the administration’s first landmark crypto law, the GENIUS Act, has moved to Tether as Strategy Advisor for Digital Assets and US Expansion—and he’s signaling that a second pillar of the policy agenda, a federal Strategic Bitcoin Reserve law, is on track before year-end.

Bitcoin Reserve Act Could Pass ‘This Year’

In a new on-camera conversation with CoinDesk’s Sam Ewen alongside Tether CEO Paolo Ardoino, Hines said he remains “very confident that the US government is going to be keenly interested on moving expeditiously on budget-neutral ways to accumulate,” adding that President Trump “has been a steadfast leader in the space… This is a major priority for him. And that includes the SBR.” He went further: “You’ll have two monumental pieces of crypto legislation signed into law this year, firmly cementing the United States’ place as the crypto capital of the world.”

JUST IN: FORMER WHITE HOUSE CRYPTO DIRECTOR BO HINES IS CONFIDENT THE #BITCOIN RESERVE ACT WILL BE SIGNED INTO LAW “THIS YEAR”

2025 WILL BE A HISTORIC YEAR FOR BTC 🔥 pic.twitter.com/CQHtHhwZa2

— The Bitcoin Historian (@pete_rizzo_) August 26, 2025

Hines’ remarks come just a week after his exit from government and his appointment at Tether. As head of the White House’s crypto policy shop, Hines was closely involved in the legislative push that culminated on July 18, 2025, when President Trump signed the GENIUS Act into law, creating the first comprehensive federal framework for US dollar-pegged payment stablecoins. The law’s passage set the stage for a broader market-structure package and gave new momentum to efforts to formalize a Strategic Bitcoin Reserve (SBR) in statute.

Although an executive order on March 6, 2025 already established a federal SBR and a separate US Digital Asset Stockpile for non-bitcoin holdings, the so-called Bitcoin Reserve Act—formally introduced in Congress as the BITCOIN Act—would codify and expand that framework.

The White House directive seeded the SBR with coins already owned by the government via forfeiture and barred selling those holdings, framing BTC as a long-term reserve asset. The Senate version of the BITCOIN Act (S.954), led by Sen. Cynthia Lummis, and the House companion (H.R.2032) from Rep. Nick Begich would put the reserve on a statutory footing and spell out acquisition authorities and governance. Both bills were introduced in March and referred to committee, giving a 2025 landing zone if the Senate moves.

In his interview, Hines hinted at continuity inside the administration following his departure—“the last time that we’ve been truly able to speak on digital asset issues was the day before I left, but I’m very confident in Patrick’s [Witt] abilities to perform and deliver for the industry”—and framed the legislative sequencing ahead: GENIUS is done; market structure and the reserve law are the next files in the queue. “We have a market structure on the horizon now… I’m confident they’ll be able to bring that home as well,” he said, before reiterating his expectation of two major crypto bills signed in 2025.

Policy context now matters as much as personnel. The March executive order creating the SBR instructs Treasury to hold seized and forfeited bitcoin in a dedicated reserve, and it authorizes a Digital Asset Stockpile for other tokens. A White House fact sheet emphasizes that bitcoin placed in the reserve will not be sold, underscoring the administration’s positioning of BTC as a strategic, long-duration asset rather than a trading balance. Codification via the BITCOIN Act would remove any ambiguity about acquisition tools, governance, and reporting, and could create explicit “budget-neutral” pathways to accumulate additional bitcoin.

That debate has featured Treasury Secretary Scott Bessent, whose public messaging has whipsawed in recent weeks. In mid-August, Bessent told Fox Business, “We are not going to be buying that,” when pressed on fresh bitcoin purchases, even as he and Treasury officials simultaneously highlighted “budget-neutral” mechanisms under evaluation. A follow-up post on X by Bessent clarified that seized bitcoin will anchor the reserve and that Treasury is still exploring ways to add without tapping taxpayers—precisely the line Hines invoked.

At press time, BTC traded at $110,530.

BTC holds above key support, 1-day chart | Source: BTCUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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Trump, Musk feud; Circle IPO; Strategy upsize
GameFi Guides

Ripple expands in Asia, Bo Hines joins Tether

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This week in crypto, the market saw a mix of high-profile partnerships, regulatory moves, and massive token acquisitions.

From Ripple and SBI Holdings preparing to bring RLUSD to Japan, to SharpLink Gaming and Strategy making significant Ethereum and Bitcoin buys, digital assets continue to make waves.

Meanwhile, global authorities cracked down on cybercrime, regulators pushed forward with “crypto sprint” initiatives, and political and corporate actors deepened their stake in the space.

Here’s a roundup of the top stories shaping the crypto ecosystem this week.

SBI Holdings welcomes Ripple stablecoin

  • Tokyo-based financial services giant SBI Holdings agreed to collaborate with Ripple for introducing RLUSD stablecoin to Japan.
  • The partnership targets the first quarter of 2026 for market launch.

Interpol coordinates cybercrime crackdown

  • Operation Serengeti 2.0 resulted in over 1,200 arrests across 18 African nations and the United Kingdom.
  • The operation targeted criminals who victimized 88,000 individuals through various schemes including cryptocurrency fraud. Authorities confiscated more than $97.4 million.

VanEck submits JitoSOL ETF application

  • The global investment management company filed registration documents with the Securities and Exchange Commission for a proposed VanEck JitoSOL ETF tracking the liquid staking token.

CFTC advances crypto sprint initiative

  • The Commodity Futures Trading Commission continues to implement its third phase of accelerated rulemaking efforts based on recommendations from the President’s Working Group on Digital Asset Markets.
  • These “crypto sprint” measures aim to establish clearer regulatory frameworks for digital asset derivatives and trading.

Social engineering scam costs investor $91 million

  • An unidentified cryptocurrency holder lost 783 Bitcoin after fraudsters impersonated customer support representatives from a hardware wallet manufacturer and exchange platform.

South Korean officials prepare stablecoin framework

  • Senior executives from major Korean financial institutions are scheduled to meet with leadership teams from Tether and Circle Internet Group this week.
  • These discussions precede South Korea’s anticipated October launch of legal frameworks governing stablecoin operations.

DBS Bank tokenizes structured notes on Ethereum

  • Singapore’s largest financial institution announced plans to offer tokenized structured notes through partnerships with ADDX, DigiFT, and HydraX platforms.
  • Eligible traders will access these products via cryptocurrency investment platforms and exchanges.

Winklevoss twins increase political contributions

  • Tyler and Cameron Winklevoss donated an additional $21 million worth of Bitcoin (BTC) to the Digital Freedom Fund PAC, contributing over 188 BTC to political advocacy efforts.
  • The contribution aims to maintain President Donald Trump’s support for the cryptocurrency industry.
  • The online gambling marketing company acquired 143,593 Ethereum (ETH) for $601.5 million between August 10-15.
  • This purchase represents SharpLink’s largest Ethereum acquisition over the past month as part of its treasury strategy transition.

SkyBridge Capital to tokenize $300m in hedge funds

  • Anthony Scaramucci’s investment management firm will tokenize $300 million worth of hedge funds on the Avalanche network through partnerships with Tokeny and Apex Group.
  • The Digital Macro Master Fund and Legion Strategies will move on-chain through this collaboration with the $3.5 trillion asset manager.

Bo Hines joins Tether

  • The former presidential crypto advisor accepted appointment as strategic advisor for digital assets and U.S. strategy at the stablecoin issuer.
  • Hines will focus on Tether’s American market entry strategy.

Thailand delays crypto tourist payment features

  • The Bank of Thailand suspended cryptocurrency conversion capabilities in its new Tourist Wallet pending regulatory review through mid-August.
  • The digital payment system currently supports QR-based foreign currency conversions with eight partner countries including Singapore and Malaysia.

Strategy accumulates more Bitcoin

  • Strategy purchased 430 Bitcoin for $51.4 million during the week, paying an average price of $119,666 per coin.



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GameFi Guides

Bo Hines Leaves White House Role And Lands At Tether

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bo Hines has joined Tether Inc. just days after stepping down from his role in US President Donald Trump’s crypto task force, taking a job that will push the company’s foray into the US market.

According to reports, Hines will serve as Strategic Advisor for Digital Assets and United States Strategy and will focus on aligning Tether’s business with incoming rules under the GENIUS bill.

He left the White House post on August 9 and, based on reports, fielded offers from about 50 projects before choosing Tether.

Rapid Transition To Private Sector

The move came fast. Reports have disclosed that Hines resigned and within a week became one of the most sought-after figures in crypto.

Paolo Ardoino, Tether’s CEO, framed the hire as part of a broader US expansion plan and said Hines’ knowledge of Washington will help the firm navigate new rules.

Hines had been involved in promoting a “Made in USA” angle while at the task force, and he spent roughly seven months in that role.

Thrilled to join @Tether_to! Huge thanks to @paoloardoino & the team for the warm welcome. Excited to help build an ecosystem of digital asset products that set the standard for compliance & innovation—empowering U.S. consumers and reshaping our financial system. The best is yet… https://t.co/DloARijWkh

— Bo Hines (@BoHines) August 19, 2025

GENIUS Bill Puts Spotlight On Stablecoins

Lawmakers are now advancing clearer rules for stablecoins, and the GENIUS bill focuses largely on fiat-backed tokens. Based on reports, USDT’s reserve mix — partially backed by fiat and heavily weighted in US Treasury bills — may not fit neatly into the bill’s main outlines.

That gap is one reason Tether wants someone with policy experience who can talk to regulators and explain how USDT could operate under stricter rules. Hines is expected to meet with policy makers and other stakeholders to press Tether’s case.

Total crypto market cap currently at $3.8 trillion. Chart: TradingView

Tether’s Scale And Crypto Growth

Tether is a massive player. Reports place the firm among the top 15 holders of US Treasury debt with about $120 billion in bonds.

Supply metrics in 2025 underline that scale: 50 billion new USDT were minted on TRON and Ethereum this year, taking total USDT from 117 billion in January to over 160 billion.

Usage is concentrated in the Asia Pacific region and Europe, while in the US some dollar-based trading has shifted toward more regulated options like USDC on centralized platforms.

Hines’ hire signals that Tether sees both risk and opportunity in the US. According to statements, he’ll work to make Tether’s activities compatible with US rules and to push product work that aims for “stability, compliance, and innovation” — language Hines used to describe his goals.

Featured image from Allison Joyce/Getty Images, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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