The company Tether introduced a new stablecoin called USAT. The asset fully complies with the GENIUS law and is issued by the regulated entity Anchorage Digital Bank.
We remind you that Tether CEO Paolo Ardoino announced plans to launch a new dollar stablecoin as early as April 2025. The head of the company noted that this is the best option, as American legislation imposes restrictions on foreign issuers of such assets. $USDT
The relevant provision was in both the GENIUS Act and an alternative initiative that was being considered at the time, called STABLE. $TERMINUS Later, just before the GENIUS Act was sent for signature to U.S. President Donald Trump, reports surfaced that the company might lose its share of the U.S. market. Especially considering that Circle, a direct competitor of Tether, is registered in the U.S. and has gone public.
According to the release, USAT is a federally regulated dollar stablecoin created specifically in accordance with the framework of the GENIUS Act. Its issuer will be Anchorage Digital Bank, which has a trust bank license from the Office of the Comptroller of the Currency (OCC).
The custodian and primary dealer is the company Cantor Fitzgerald. The reserves of USAT, based on the requirements of the GENIUS Act, must fully cover the asset offering and consist of cash, short-term Treasury bonds, overnight repo agreements, funds on demand deposits in local banks, and shares of registered money market funds.
Tether emphasized that the new stablecoin combines the scale and operational maturity of USDT with a new system of norms for federal institutions. $USDC
