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Investing.com -- Crypto company Tether plans to launch a U.S.-based stablecoin called USAT designed specifically for American residents, CEO Paolo Ardoino announced Friday at a New York press conference.
Former White House official Bo Hines will lead the new venture as CEO, with plans to launch by the end of 2025. Hines, who was appointed as a strategic advisor to Tether in August, expressed optimism about the company’s growth trajectory.
"We want people to know that Tether is here to participate in the U.S. economy in a huge way," Hines said. "I think our expansion will be exorbitant over the course of the next 12 to 24 months."
The El Salvador-based company described USAT as "designed to comply with the recently enacted GENIUS Act," referring to new U.S. regulations governing stablecoins. Ardoino clarified that Tether’s existing dollar-pegged cryptocurrency, USDT, which is already available on U.S. crypto exchanges, will also comply with the GENIUS Act while remaining a foreign stablecoin issuer.
According to Ardoino, USAT will be issued by Anchorage Digital Bank, which holds a national trust bank charter with the U.S. Office of the Comptroller of the Currency. He noted there were no plans for USAT to offer yield.
This initiative represents Tether’s latest effort to strengthen its presence in the United States, where crypto companies have benefited from President Donald Trump’s pro-crypto stance.
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