- Tether plans to launch a new U.S.-regulated stablecoin called USAT.
- USAT will be headed by Bo Hines, former executive director at the White House Crypto Council.
- The stablecoin will aim to comply with the GENIUS Act and use Hadron, a tokenization platform by Tether.
- Cantor Fitzgerald will serve as the custodian, while Anchorage Digital Bank will act as the issuer.
- Tether highlights Hines’ entrepreneurial background and past leadership in digital asset policy.
Tether has announced its intention to introduce a new stablecoin called USAT, which it describes as a “U.S.-regulated dollar-backed stablecoin.” Bo Hines, a former executive director at the White House Crypto Council, has been named as the CEO for the USAT project.
The company stated that USAT will be designed to comply with the GENIUS Act, a recently enacted regulation. Tether says the new stablecoin will rely on its asset tokenization platform called Hadron. This platform allows organizations to create digital tokens representing assets like commodities, equity, government debt, corporate bonds, stablecoins, and loyalty points.
According to Tether’s official announcement, USAT will follow a similar custodial approach to its existing stablecoin USDT. Cantor Fitzgerald will hold the underlying assets, and Anchorage Digital Bank will serve as the issuer for USAT.
Cantor Fitzgerald is a financial services firm founded by Howard Lutnick, who previously served as U.S. Commerce Secretary. The company is now managed by his sons. Tether cites Bo Hines’ leadership background and entrepreneurial experience as reasons for his appointment. Hines’ record includes co-founding NXUM Capital investment firm and conducting a 2022 political campaign, which he funded from a trust.
The announcement explains that USAT will leverage Hadron to simplify the digital issuance process for various asset types. Tether believes this approach can help firms create new value-backed assets efficiently.
Hines’ previous financial disclosures listed no job, bank account, or income at the time of his congressional campaign. Tether emphasized his past as the “former executive director of the White House Crypto Council” as a qualification for his new position.
Further context about the launch timeline, regulatory details, and operational specifics was not provided in the initial announcement.
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