Tether, the company behind USDT, the world’s most popular stubcoin, has announced a US-regulated dollar support token called the USAT, and has appointed Bohines as head of the US division.
Anchorage Digital, a federally regulated crypto bank, acts as the issuer of tokens, while Cantor Fitzgerald manages the reserves. The token will debut later this year, Tether CEO Paolo Aldoino said on the stage of an event held in New York on Friday.
Hines, a lawyer and former director of the White House Cryptocourse, will lead Tether’s new US company by President Donald Trump advising on crypto policies.
The move marks Tether’s first foray into creating a Stablecoin for US surveillance. It is designed to meet the requirements of the recently enacted genius law.
Tether’s USDT Stablecoin has grown to $169 billion in assets with hundreds of millions of users worldwide. It is particularly popular in emerging markets with high banking fees and inflation, pushing people into digital dollars. But it faces questions from regulators and policymakers about surveillance and transparency.
The new USAT tokens are assembled as products from US companies and institutions that are governed by US standards, backed by disclosed reserves.
“By building a USAT centered around compliance, transparency and innovation, we ensure that the dollar remains the foundation of trust in the digital asset space,” Hines said in a statement.
