Author: Zhang Feng

According to media reports, on September 13, Tether, the issuer of the world's largest stablecoin USDT, announced the launch of a new stablecoin USAT in accordance with the U.S. stablecoin legislation, and appointed former White House advisor Bo Hines to lead Tether's U.S. operations.

This news is surprising—Tether is currently one of the most profitable cryptocurrency companies globally, with profits reaching $13 billion last year, and it is one of the largest holders of U.S. Treasury bonds, ranking 18th in the world, holding more than sovereign countries like Germany, South Korea, and Australia. In this context, Tether still announced its entry into the U.S. market to launch the compliant stablecoin USAT. What strategic considerations are hidden behind this move?

1. Facing Opportunities and Challenges, Tether Announces U.S. Compliant Stablecoin

The USAT stablecoin announced by Tether is a compliant product specifically designed for the U.S. market. Unlike the existing USDT, USAT will fully comply with the requirements of the recently passed U.S. "GENIUS Act." This new stablecoin will utilize Tether's proprietary tokenization platform Hadron, with crypto bank Anchorage Digital as the issuer, and the well-known Cantor Fitzgerald company serving as the reserve custodian and preferred lead underwriter.

In terms of personnel arrangements, Tether has hired former White House Crypto Council Executive Director Bo Hines as CEO of Tether's U.S. operations. Hines was appointed by Trump as the Executive Director of the White House Crypto Council earlier this year, and after promoting the stablecoin legislation, he announced his departure in August to join Tether.

Tether's entry into the U.S. market is not coincidental but a result of both regulatory pressure and market demand. With the passage of the U.S. stablecoin legislation, USDT faces the threat of being expelled from the U.S. market due to non-compliance with regulatory requirements. According to U.S. legislation, operators must back stablecoins with a 1:1 reserve of high-rated assets like U.S. Treasury bonds, provide monthly reserve reports, and undergo annual audits. However, up to 20% of USDT's reserves consist of Bitcoin, gold, other investments, and mortgages, which do not meet U.S. regulatory requirements.

On the market side, the U.S. is the largest financial market globally. Although Tether has 500 million users worldwide, it has been suppressed in the U.S. market by competitors like Circle. Circle's USDC stablecoin, although only $72.8 billion in size—less than half of Tether's—secured a key digital currency license from New York State early on.

2. Dual-Track Strategy, Complementing USDT

Tether has adopted a "dual-coin strategy" to balance the demands of the global market and the U.S. market. Tether CEO Paolo Ardoino stated that they plan to launch USAT by the end of 2025 while also working to keep USDT circulating in the U.S. He pointed out that the stablecoin legislation allows overseas issuers registered in jurisdictions with comparable rules to offer stablecoins in the U.S. USDT will continue to serve the global market, especially users in emerging markets, while USAT will specifically target the U.S. market to meet strict regulatory requirements.

The business model of USAT places greater emphasis on compliance and transparency. It will be fully backed by cash and U.S. Treasury bonds, adhering to the 1:1 reserve requirement, and will provide regular audits and reports. This sharply contrasts with the reserve composition of USDT.

USAT is not intended to replace USDT but to form a complementary relationship with it. Anton Golub, Chief Business Officer of Freedx, believes that Tether operating both USA₮ and USDT could lead to fragmented liquidity pools.

However, Tether seems to take a different perspective, viewing USAT and USDT as products targeting different markets and user groups.

"For over a decade, Tether— as the creator of the stablecoin industry—has issued USDT, which is a pillar of the digital economy, providing dollar stablecoins to hundreds of millions of underserved people in emerging markets today, proving that digital assets can provide trust, resilience, and freedom globally," said Tether CEO Paolo Ardoino. USAT, on the other hand, focuses on the U.S. market, serving businesses and institutional users that require full compliance. This dual-track strategy allows Tether to meet the needs of different markets simultaneously.

3. Impact on Other U.S. Stablecoins

The direct competitor to Tether's USAT is Circle's USDC. Circle has long relied on compliance with U.S. regulations and its global regulatory license portfolio to maintain a competitive edge among institutional crypto users. Following the announcement, Circle's stock price fell over 5% during trading, indicating that the market perceives Tether's compliant stablecoin as a serious threat to Circle.

The launch of USAT could change the competitive landscape of the U.S. stablecoin market. With its enormous economies of scale and brand influence, Tether could quickly capture market share from USDC. At the same time, this will pose challenges to other traditional financial institutions attempting to enter the stablecoin space, including traditional financial giants like Bank of America, which are testing stablecoin strategies.

4. Implications for Stablecoin Regulation in Hong Kong

Tether's move into the U.S. market also provides insights for stablecoin regulation in regions like Hong Kong. On August 1, 2025, Hong Kong's "Stablecoin Ordinance" will officially take effect, establishing the world's first regulatory framework specifically for fiat-backed stablecoins. Hong Kong adopts a "prudent and gradual" regulatory style: high capital requirements, strict reserve requirements, KYC real-name systems, and scrutiny of the sustainability of business models.

In contrast, the U.S. "GENIUS Act" takes a "market-first" approach, with no hard capital requirements, diverse issuance paths, and greater reliance on market selection and user choice. Both regulatory models have their pros and cons. The Hong Kong model places more emphasis on investor protection and systemic stability but may stifle innovation; the U.S. model is more flexible but carries higher risks. Therefore, some market analyses suggest that for issuers, the Hong Kong model is suitable for compliant funds, financial institutions, and large internet companies; while the U.S. model is more suitable for early-stage startups and new mechanism explorations.

5. The Future of Stablecoins: Refining Scenarios and Meeting Regulations

Stablecoins are gradually transitioning from being viewed as niche or experimental cryptocurrency tools to playing a mainstream role in financial and payment infrastructure. In the next 6-12 months, we can expect several developments: further refinement of regulations, expansion of stablecoins in payments and cross-border transactions, competition between local currency stablecoins and sovereign currencies, and industry collaboration and infrastructure improvement.

For Tether, the launch of USAT is just the first step. Balancing the relationship between USDT and USAT, meeting regulatory requirements in different jurisdictions, and responding to competition from traditional financial institutions are all challenges that lie ahead.

In the future, Tether may form a "differentiated dual-coin strategy": USDT will continue to serve as the "offshore dollar" for the vast developing markets and crypto-native users globally; while USAT will act as the "onshore dollar" penetrating the established U.S. financial world. The launch of USAT signifies that Tether is transitioning from the "king of offshore" to a "global leader," moving from regulatory avoidance to actively embracing compliance.

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