Cryptocurrency company Tether (USDT) has announced plans to introduce a new US-based stablecoin called USAT, specifically aimed at residents in the United States.
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Tether already manages a popular stablecoin, known by its ticker symbol USDT. At a press conference in New York, CEO Paolo Ardoino revealed the company’s intentions to create a US-centric stablecoin.
Moreover, Tether has appointed former White House official Bo Hines as the CEO of this new American stablecoin initiative. The USAT is expected to launch officially by the end of 2025. Hines, who joined Tether in August, conveyed a positive outlook regarding the company’s growth trajectory.
“We want individuals to recognize that Tether is here. I think our expansion will see significant progress over the next 12-24 months.” Stablecoins, typically, are cryptocurrencies whose values are pegged to other assets like the US dollar or gold.
Cryptomania
Operating from El Salvador, Tether describes its upcoming USAT stablecoin as “designed to comply with the recently enacted genius law,” referring to new US regulations concerning the cryptocurrency market. Ardoino also indicated that USDT will adhere to the same regulations while remaining available as an international stablecoin.
The USAT will be issued by Anchorage Digital Bank, which holds a National Trust Bank Charter license from the US Office of the Secretary of the Currency. According to Ardoino, there are currently no plans for USAT to offer yields. Tether is working to boost its presence in the United States, where cryptocurrency firms benefit from crypto-friendly policies.
USDT Performance
Below is a chart illustrating the three-month performance of USDT, represented in US dollars. As shown, the stablecoin’s value has remained fairly stable over the past few months, attracting many investors to cryptocurrencies due to this price consistency.
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