Tether unveils new U.S. stablecoin compliant with new Genius Act rules

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Tether Holdings, the company behind the dollar-backed stablecoin tether (USDT-USD [https://seekingalpha.com/symbol/USDT-USD]), will debut a new stablecoin built to comply with new federal rules for the sector, it said on Friday, tapping former White House crypto aide Bo Hines to lead the launch.

Because the Genius Act set strict rules this year on what can back stablecoins -- cryptos designed to hold a constant value -- El Salvador-based Tether is launching a separate U.S. token.

Anchorage Digital Bank and Cantor Fitzgerald will issue the now token, dubbed USAT.

"USA₮ is our commitment to ensuring that the dollar not only remains dominant in the digital age, but thrives – through products that are more transparent, more resilient, more accessible, and more unstoppable than ever before,” said [https://tether.io/news/tether-unveils-usat-its-planned-u-s-regulated-dollar-backed-stablecoin-and-will-appoint-bo-hines-as-ceo-of-tether-usat/] Tether CEO Paolo Ardoino in a statement.

With a market cap of nearly $170B, USDT (USDT-USD [https://seekingalpha.com/symbol/USDT-USD]) is the world's largest stablecoin.

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