The world's biggest stablecoin, tether.Justin Tallis | AFP via Getty ImagesTether, the issuer of the largest stablecoin, has named a CEO for its U.S. 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 -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 , the new token is designed for es 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 , ving that digital assets can der 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 prietary 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 Circle's USDC cropped up.
It has remained the most 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.Despite Tether's lack of presence in the U.S., the company has long held that USDT strengthens the U.S.
dollar by giving people around the world access to it through the stablecoin. It also invests a significant portion of its reserves in U.S.
Treasury bonds.Treasury Secretary Scott Bessent echoed that earlier this year, when he said at the White House Crypto Summit that "we are going to keep the U.S.
the dominant reserve currency in the world and we're going to use stablecoins to do that."USDT "is already one of the largest holders of U.S. Treasuries," Ardoino said.
"USAT is our commitment to ensuring that the dollar not only remains dominant in the digital age, but thrives."The market cap for stablecoins has grown 34% this year, according to CryptoQuant.—CNBC's Dan Murphy and Natasha Turak contributed reporting.Don't miss these cryptocurrency insights from CNBC : Solana was down 70% at one point this year.
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