Tether plans to launch a new stablecoin backed by the US dollar called USAT, and this currency will be regulated in the United States and supported by transparent reserves. USAT will run on Tether's Hadron platform, and Anchorage Digital will be the issuer compliant with the GENIUS Act, while Cantor Fitzgerald will be the reserve custodian and primary dealer.
*USAT Details:*
- *Purpose*: USAT aims to provide businesses and institutions with a digital alternative to cash that is subject to strict standards and backed by transparent reserves.
- *Compliance*: USAT will comply with the federal GENIUS Act for the issuance of stablecoins.
- *Leadership*: The stablecoin will be led by Bo Hines, an entrepreneur and former executive director of the White House Digital Currency Council.
*Tether's Goals:*
- *Expanding the Dollar's Power*: Tether aims to expand the power of the US dollar in digital rails.
- *Compliance*: Tether emphasizes the importance of governance, transparency, and US oversight to set high standards for competitors.
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