Tether unveils US stablecoin

Editorial

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Already the creator of the world’s largest stablecoin, USD₮, El Salvador-based Tether is bidding to strengthen its position in the increasingly crypto-friendly US with the roll out of the new USA₮ token.

USA₮ will be established as a US-regulated stablecoin in line with the recently enacted Genius Act and designed to provide businesses and institutions with a digital alternative to cash and traditional payment rails.

It will leverage the Hadron by Tether technology, with Anchorage Digital onboard as Genius Act-compliant issuer. Cantor Fitzgerald will act as the designated reserve custodian and serve as preferred primary dealer.

Tether says that appointment of Hines underscores the firm’s “commitment to launching USA₮ under US-based leadership with a clear understanding of American regulatory priorities”.

Paolo Ardoino, CEO, Tether, says: “For over a decade, Tether – as the creator of the stablecoin industry – has issued USD₮, the backbone of the digital economy, and today the US dollar stablecoin for hundreds of millions of underserved people living in emerging markets, proving that digital assets can deliver trust, resilience, and freedom on a global scale.

“Today, with the introduction of USA₮ and Bo Hines’s appointment as future CEO of Tether USA₮, we are taking the next natural step, bringing that same strength to the US under a world-leading US-regulatory framework.”