Tether is the most dominant player in the world of stablecoins. And now, they’re launching a brand new stablecoin to take over payments in the United States.
What’s happening:
- Tether has publicly stated that they are preparing to launch a new stablecoin known as USAT that is fully compliant with the GENIUS Act and federal stablecoin issuer regulation in the United States
Why it matters:
- This is the first time ever that Tether has launched a stablecoin specifically for use in the American financial system
Going deeper:
- Cantor Fitzgerald will be the designated reserve custodian for USAT and Anchorage Digital will will be the GENIUS Act compliant issuer
- Tether’s USDT stablecoin is currently the largest stablecoin in the entire world by both market capitalization and daily transaction volume
The intrigue:
- Former Executive Director of the White House Crypto Council Bo Hines will be the Chief Executive Officer of USAT shortly after leaving Washington, D.C. to formally join Tether
