Tether has announced that it is launching a new stablecoin called USAT. Bo Hines, the former executive director of the White House Crypto Council under President Donald Trump, has been appointed CEO of the division. Hines was previously listed as a “strategic advisor” to Tether.
USAT will be a U.S.-regulated, U.S.-dollar-backed stablecoin, complementing USDT. The token will be issued by crypto infrastructure company Anchorage Digital, with Cantor Fitzgerald holding the reserves.
Hines noted that the company is working to launch USAT by the end of the year. The team will be based in Charlotte, North Carolina, Hines’s home state.
“By building USAT with compliance, transparency, and innovation at its core, we are ensuring the U.S. dollar remains the bedrock of trust in the digital asset space,” Hines said in a statement.
At a press conference on Friday, Paolo Ardoino, CEO of Tether Group, confirmed that the company does not plan to become publicly listed.
Tether is already one of the world’s largest holders of U.S. Treasury bonds. USAT is likely to further increase the stablecoin giant’s role in financing Uncle Sam’s budget deficit. The company posted a profit of $13 billion in 2024 and is reportedly on track to be “similarly positive in 2025.”
Meanwhile, two more crypto companies appear to be following in the footsteps of Circle and Bullish. Gemini and Figure also recently celebrated successful IPOs.
USDe issuer Ethena is also currently in vogue in the stablecoin sector. Along with a massive treasury company called StablecoinX, the project is benefiting from exploding demand for its tokenized U.S. dollar counterpart.