The world’s biggest stablecoin, tether.
Justin Tallis | AFP via Getty Images
Tether, the issuer of the largest stablecoin, has named a CEO for its U.S. business and is launching a new token for U.S. institutions.
The moves underscore Tether’s commitment to regulatory engagement and entry into the U.S. The company, once accused of being a criminal’s “go-to cryptocurrency” has been rebranding itself as a partner to American lawmakers and law enforcement since pro-crypto President Donald Trump’s return to the White House.
Bo Hines, who headed the Presidential Council of Advisors for Digital Assets, has been appointed CEO of Tether U.S. In August, he joined Tether as an advisor, following his month-long stint at the White House.
The company is also launching a token called USAT, which will be regulated in the U.S. under the GENIUS Act. While USD Tether (USDT) serves global markets, the new token is designed for businesses and institutions operating under a U.S. regulatory framework.
“For over a decade, Tether – as the creator of the stablecoin industry – has issued USDT, the backbone of the digital economy, and today the U.S 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,” said Paolo Ardoino, CEO of Tether.
USDT was created in 2014 to be pegged to the value of the U.S. dollar and was the only stablecoin on the market for years before U.S.-regulated alternatives like Circle’s USDC cropped up. It has remained the most popular and dominant stablecoin despite controversy and regulatory scrutiny over the years – largely because of the widespread adoption and liquidity its first mover advantage has afforded it.
Despite Tether’s lack of presence in the U.S., the company has long held that USDT strengthens the U.S. dollar by giving people around the world access to it through the stablecoin. It also invests a significant portion of its reserves in U.S. Treasury bonds.
Treasury Secretary Scott Bessent echoed that earlier this year, when he said at the White House Crypto Summit that “we are going to keep the U.S. the dominant reserve currency in the world and we’re going to use stablecoins to do that.”
The market cap for stablecoins has grown about 34% this year, according to CryptoQuant.
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