Tether announced the launch of USAT on January 27, a dollar-backed stablecoin designed exclusively for the U.S. market, issued under the newly enacted federal stablecoin framework known as the GENIUS Act. The token is issued by Anchorage Digital Bank, a federally chartered institution under the oversight of the Office of the Comptroller of the Currency (OCC), marking a structural shift from Tether's globally circulating USDT.
Issuance and Custody by Anchorage Digital Bank
Unlike USDT, which operates internationally, USAT is issued through a national bank charter, embedding stablecoin issuance directly into the traditional U.S. banking system. Cantor Fitzgerald has been designated as the reserve custodian and primary dealer, providing asset custody and reserve transparency from day one. Tether CEO Paolo Ardoino stated: “USAT offers institutions an additional option: a dollar-backed token made in America.” He added that the product builds on USDT's mission by delivering a federally regulated product tailored for the American market.
Regulatory Compliance: Built for the GENIUS Act
USAT complies with requirements set out under the GENIUS Act, the federal legislation governing stablecoin issuance in the United States. Tether first disclosed the token's design in late 2025 and appointed Bo Hines, former executive director of the White House Crypto Council, as CEO of its U.S. stablecoin unit. The token is now available to U.S.-based institutions and platforms seeking a regulated, dollar-pegged digital asset issued by a federally supervised bank.
Dual Strategy: USDT for Global, USAT for U.S.
Tether confirmed that USDT will continue serving international markets while USAT operates within U.S.-specific regulatory boundaries. USAT's reserve custody and transparency mechanisms are independent of USDT, offering a higher compliance tier through federal banking oversight. This dual-track approach allows Tether to maintain USDT's global liquidity while addressing strict U.S. regulatory standards for stablecoin issuance.
Initial Distribution Channels
During its initial rollout, USAT will be supported on several U.S.-regulated exchanges, including Bybit, Crypto.com, Kraken, OKX, and Moonpay. Access may vary based on regulatory eligibility and platform policies. Tether noted that as distribution expands, more U.S.-regulated exchanges and banking partners are expected to support USAT. The company remains one of the largest private holders of U.S. Treasuries globally, which reinforces the reserve security of USAT.
This launch marks a significant step for Tether in navigating the tightening U.S. stablecoin regulations. USAT directly responds to institutional demand for a stablecoin that operates within federal oversight, while USDT continues to face compliance challenges abroad. As the GENIUS Act takes effect, the U.S. stablecoin market is likely to see a clearer divide: stablecoins issued under the federal framework will enjoy defined compliance pathways, while offshore alternatives may face stricter access barriers.