Tether (USDT) launched USA₮ as a federally regulated stablecoin targeting U.S. institutions. The token issued by Anchorage Digital Bank enters exchanges including Bybit, Crypto.com, Kraken, OKX, and Moonpay.
Former White House crypto adviser Bo Hines leads Tether USA₮ as CEO.
Cantor Fitzgerald handles reserve custody for the dollar-backed token built under the GENIUS Act framework signed July 2025.
Tether's flagship USDT stablecoin holds $186 billion in circulation but has faced persistent regulatory scrutiny in U.S. markets.
USA₮ represents the company's attempt to access domestic institutional demand through compliant infrastructure.
Why Tether Created a U.S.-Specific Token
The GENIUS Act requires payment stablecoins to maintain 100% reserves in U.S. dollars or short-term Treasuries with monthly public disclosures. Tether operates USDT globally from offshore jurisdictions with different reporting standards.
Anchorage Digital Bank became the first federally chartered cryptocurrency bank in January 2021. The bank's federal license allows it to issue stablecoins under federal oversight rather than state-level supervision.
Tether announced USA₮ in September 2025 with planned year-end launch.
The company disclosed Anchorage and Cantor Fitzgerald would share revenue from reserve assets though financial terms remain unfinalized.
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Regulatory History and Market Competition
Tether settled with New York's attorney general in 2021 for $18.5 million over reserve disclosure claims. Federal prosecutors previously investigated whether USDT facilitated Bitcoin (BTC) price manipulation though no charges resulted.
Circle (USDC) stablecoin dominates U.S.-regulated markets with $60 billion circulation and established banking partnerships. Circle completed its initial public offering in January 2026 raising approximately $1 billion.
The GENIUS Act prohibits payment stablecoin issuers from paying interest to holders. Exchanges may offer yield on deposited stablecoins creating revenue opportunities for platforms supporting USA₮.
Tether ranks as the 17th-largest holder of U.S. Treasuries globally ahead of Germany and South Korea. The company reported over $13 billion in profits for 2024 from reserve asset management.
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