From USDT to USAT: Tether Maps a Stateside Playbook

Tether plans a new chapter in dollar-linked tokens, unveiling USAT—a planned U.S.-regulated, dollar-backed stablecoin—and naming Bo Hines as CEO-designate of Tether USAT.

Tether’s Next Act: A U.S.-Regulated Dollar Token Called USAT

Framed as a U.S. product from day one, USAT will target businesses and institutions that want a digital cash alternative governed by strict standards and backed by transparent reserves, according to Tether’s blog post. The company says USAT will align with the enacted GENIUS Act, the federal framework for stablecoin issuers.

Tether positions its current token, USDT, as the industry’s workhorse, citing a market value above $169 billion and transaction volumes that rival payment networks. The firm also says USDT has become a de facto digital dollar across emerging markets, reaching nearly 500 million users, among the underbanked.

On the plumbing, USAT will run on Hadron by Tether, a real-world-assets (RWA) platform. Anchorage Digital—the first federally regulated crypto bank—will serve as GENIUS Act-compliant issuer, while Cantor Fitzgerald is slated to be reserve custodian and primary dealer.

The group’s scale is part of the pitch. Tether reported more than $13 billion in profit in 2024 and ranks among the largest holders of U.S. Treasuries—18th globally, by its count, ahead of several nation-states. The company casts USAT as an effort to extend dollar strength into digital rails.

Bo Hines, an entrepreneur and former executive director of the White House Crypto Council, is being tapped to lead Tether USAT. Tether says his background at the intersection of policy, law, and finance fits a compliance-first launch.

Launch timing and supported networks were not disclosed. Tether emphasized that USAT’s governance, reserve transparency, and U.S. oversight are intended to set a high bar for competitors if and when it goes live.

If Tether executes as described, USAT could tighten the link between stablecoins and U.S. financial infrastructure while giving institutions a route to dollar liquidity online.