USDT issuer Tether has announced the launch of its USAT stablecoin, which will operate within the GENIUS Act framework. This move comes months after the stablecoin issuer first teased the launch of this stablecoin, with former White House crypto adviser Bo Hines set to serve as CEO.
Tether’s USAT Stablecoin Goes Live Under The GENIUS Act Framework
In a press release, the stablecoin issuer announced the official launch of USAT, which it has developed to operate specifically within the U.S. federal stablecoin framework under the GENIUS Act. The stablecoin’s issuer is Anchorage Digital Bank, a federally chartered crypto bank. Cantor Fitzgerald will serve as the designated reserve custodian and preferred primary dealer.
Etherscan data shows that the stablecoin has already gone live on the top layer-1 network Ethereum, with a total supply of just over 10 million. It remains unclear what other networks the stablecoin will launch on.
Tether had first teased the launch of the USAT stablecoin in September last year, around the time it announced that Bo Hines would serve as CEO. This stablecoin’s launch is significant as it marks Tether’s entry into the U.S. markets with a regulated stablecoin under the GENIUS Act framework.
The crypto legislation, which U.S. President Donald Trump signed into law last July, mandates monthly audits, 1:1 backing with the U.S. dollar, and short-term treasury bills. Furthermore, stablecoin issuers cannot distribute yields to users, a provision that banks are looking to extend to crypto service providers under the CLARITY Act.
Tether Confirms Exchange Listings
Tether revealed that during its first phase of launch, the USAT stablecoin will be available on top crypto exchanges, Bybit, Crypto.com, OKX, and Kraken. It will also be available on the fintech platform Moonpay. Bybit, Crypto.com, and OKX have already confirmed the stablecoin’s listing. Bitfinex also confirmed plans to list the stablecoin soon.
Meanwhile, Tether stated that USDT will continue to operate globally and progress toward compliance with the GENIUS Act. “USA₮ is purpose-built for the U.S. market and its highly digital payment infrastructure, providing institutions with a digital dollar that is issued through a nationally chartered bank,” it added.
Commenting on the stablecoin’s launch, Tether’s CEO Paolo Ardoino said,
Bo Hines highlighted how the USAT stablecoin is designed to meet federal regulatory expectations. “Our focus is stability, transparency, and responsible governance, ensuring that the United States continues to lead in dollar innovation,” he added.
Source: https://coingape.com/usdt-issuer-tether-launches-genius-act-compliant-usat-stablecoin/
