USAT Is Coming: Tether’s Plan to Go Big in the U.S.
Tether is positioning USAT for U.S. businesses and institutions
Welcome to the Monday edition of the Crypto In America newsletter!
What you’ll read: Tether in the USA. Gemini and Figure shine in their market debuts. A look at this week’s key economic data.
Tether is having its ‘Crypto in America’ moment.
On Friday in Manhattan, CEO Paolo Ardoino announced that the company behind USDT, the world’s largest stablecoin, is making its first big push into the U.S. market with the launch of a new regulated, dollar-backed token called USAT, set to debut later this year.
The rollout comes with heavyweight partners. Anchorage Digital, a federally regulated crypto custody platform, will issue the token, while Wall Street giant Cantor Fitzgerald will manage its reserves. Both will take equity stakes in Tether’s new U.S. entity and share in revenue from the token’s reserve assets.
Tether has tapped Bo Hines, formerly executive director of the White House Crypto Council, to lead its American division. U.S. operations will be based in Charlotte, North Carolina, while the company’s global headquarters remains in El Salvador.
Tether is positioning USAT for U.S. businesses and institutions, emphasizing transparency and compliance as it takes on rivals like Circle, Paxos, and Ripple. Ardoino and Hines told Crypto in America that they want the new token to help bring financial services to underserved communities across the country.
The move comes as stablecoins, already a $270 billion market, are projected to grow toward a trillion dollars following the passage of the GENIUS Act, the federal law setting guidelines for issuers signed by President Trump in July.
Tether’s flagship product, USDT, has grown into a $169 billion asset with hundreds of millions of users worldwide, but it remains under scrutiny from U.S. policymakers over oversight and disclosures. Ardoino framed USAT as the solution: a dollar-backed token ready-made to meet U.S. standards, while USDT will move toward eventual compliance through the GENIUS pathways.
“I’m not shy in saying this, we want to dominate,” Hines said. “But we want to dominate for the U.S.”
The financial rails of the future are being built on Avalanche. Just ask Citi, JP Morgan, Blackrock or Dinari.
Find out how Avalanche is accelerating global finance.
Investors Approve Gemini, Figure Debuts
Gemini and Figure made splashes in their Wall Street listings.
Shares of the Winklevoss-founded crypto exchange jumped more than 32% at the open on the Nasdaq Friday, giving the exchange a $4.4 billion valuation. The stock priced at $28, opened at $37.01, and closed the day up 14% at $32.
Meanwhile, blockchain lender Figure Technologies logged a strong first day of trading on Thursday, closing 24% above its IPO price at $31.11.
Together, the two mark the 9th and 10th crypto firms to go public this year.
👀 What To Watch This Week
Tuesday
The Commerce Department publishes August retail sales data.
Wednesday
The Federal Reserve announces its next interest rate decision, with markets widely expecting a cut this month.
Thursday
The Bureau of Labor Statistics releases weekly jobless claims numbers.
Remember, new editions of the Crypto In America newsletter drop every Monday, Wednesday and Friday at 7AM EST.
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