Written by: 1912212.eth, Foresight News
On September 12, Tether announced the launch of a new stablecoin, USAT, which is a fully compliant dollar-backed stablecoin designed specifically for the U.S. market. It also announced the appointment of Bo Hines as the CEO of Tether USAT in the future.
In the cryptocurrency space, Tether's USDT has a market capitalization exceeding $170 billion and is widely used for trading, cross-border payments, and DeFi applications. Tether's profits for the entire year of 2024 are expected to exceed $13 billion, with total profits of approximately $5.7 billion in the first half of 2025, including a record net profit of $4.9 billion in Q2, primarily from U.S. Treasury yields and reserve appreciation.
According to data from defiLlama, as of September 14, the total market capitalization of stablecoins is approximately $289.234 billion, with USDT accounting for 58.96%, maintaining a dominant position in the market.
However, with the increasingly stringent regulatory environment in the U.S., Tether is facing compliance pressures. The launch of the new stablecoin USAT is seen as a strategic move to enter the domestic U.S. market.
Tether's decision is not a sudden idea but a response to global regulatory trends. Since 2022, agencies such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have intensified their regulation of stablecoins. As a non-U.S. issued product, USDT has been involved in controversies multiple times, including issues related to reserve transparency and anti-money laundering compliance. Tether is headquartered in the British Virgin Islands, and while its stablecoin circulates globally, its use in the U.S. is restricted, with some exchanges and institutions unwilling to directly support non-compliant assets. The purpose of launching USAT is to fill this gap and provide a stablecoin option that complies with U.S. legal frameworks. USAT will be pegged to the dollar at a 1:1 ratio, supported by Tether's reserves, including cash, U.S. Treasury securities, and other highly liquid assets.
The core highlight of USAT is its "U.S. compliance" attribute. According to Tether's official statement, this stablecoin will be issued and managed by a newly established U.S. subsidiary, expected to officially launch by the end of 2025, initially open to U.S. residents, businesses, and institutional users. Unlike USDT, USAT will strictly adhere to the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations, supporting KYC verification.
Additionally, an important notice on the USAT official website states that USAT is not legal tender and will not be issued, supported, approved, or guaranteed by the U.S. government. USAT is not insured by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other government agency.
It is worth mentioning that Tether has appointed Bo Hines as the CEO of the new business. Bo Hines is a seasoned figure in the political and business fields, having served as an advisor to former President Donald Trump and ran for a congressional seat in North Carolina in 2022. He is known for his conservative stance, particularly in favor of cryptocurrency regulation and innovation policies.
Hines's addition is seen as a signal of Tether's efforts to attract influence from the U.S. political sphere. Hines revealed that the company's new U.S. headquarters will be located in Charlotte, North Carolina.
From a market impact perspective, the launch of USAT could reshape the landscape of stablecoins in the U.S. Currently, USDT dominates global trading volume, but in the U.S. market, Circle's USDC has taken the lead due to its compliance advantages. USDC has a market capitalization of approximately $73.1 billion, primarily serving U.S. institutions, with Visa and Mastercard integrating it into their payment systems.
The emergence of USAT will directly challenge the position of USDC, especially in enterprise-level applications. Tether claims that USAT will support lower transaction fees and higher liquidity, making it suitable for supply chain finance, real estate transactions, and cross-border remittances. For example, a U.S. exporter could use USAT for instant settlement of overseas orders, avoiding high fees and delays associated with traditional banks. This is particularly attractive in the current context of increasing global economic uncertainty.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
