Tether has designed a new dollar-backed stablecoin, USAT, specifically for the United States of America market. In a blog post released on Tuesday, the stablecoin issuer said the new token will operate under the US federal stablecoin framework, the GENIUS ACT.
According to the statement, the new stablecoin will provide US institutions with a digital dollar issued by a nationally chartered bank. More so, Tether mentioned that US-regulated Anchorage Digital Bank is the issuer of the stablecoin, ensuring its compliance with the new regulatory regime.
Tether mentioned how its partner, Anchorage Digital Bank has built scalable infrastructure with on-chain transparency, deeply integrated risk management, and bank-grade compliance. Also, the stablecoin issuer mentioned how USAT will help enhance the strength of the US dollar.
To provide more support for the new stablecoin, Tether named former White House Crypto Council Executive Director Bo Hines as CEO of Tether USAT. Tether narrated how. Furthermore, the stablecoin issuer emphasized that the newly launched project signals a new chapter that’ll see the US dollar set the standard for trust, transparency, and technological leadership.
Additionally, the company asserted that US-regulated exchanges and banking partners will provide access to USAT as a result of its compliance with the GENIUS ACT. As indicated, the token upon launching is available on Bybit, Crypto.com, Kraken, OKX, and Moonpay.
USAT is a dollar-backed stablecoin designed for the US market – Paolo Ardoino
Meanwhile, Tether revealed that global financial service provider, Cantor Fitzgerald is the designated reserve custodian and preferred primary dealer for the token. The issuer said the designated custodian will ensure asset management and a transparent reserve.
The CEO of Tether, Paolo Ardoino in the announcement described the USAT as “a dollar-backed token made in America.”He emphasized that the USAT as a federally regulated asset guarantees trust, utility, and transparency.
Likewise, Tether in the announcement narrated that USAT further strengthened its role as a global macroeconomic participant. The firm added that the Tether Group is now the 17th largest holder of US Treasuries globally.
As per the statement, Tether holds more US treasuries than the likes of Germany, Australia, and South Korea. The firm went on to mention how the USDT is propelling the virtual economy at scale.
The stablecoin issuer asserted that USDT has encouraged the international use of the US dollar for payments, commerce, and reserves.