Tether de dos caras: la identidad legal de USAT y el imperio gris de USDT

marsbit2026-01-28 tarihinde yayınlandı2026-01-28 tarihinde güncellendi

Özet

Tether, la empresa detrás de la stablecoin líder USDT, ha lanzado USAT, una nueva versión regulada dirigida al mercado estadounidense, en un intento por legitimarse ante los reguladores. Con un valor de 1700 mil millones de dólares, USDT ha sido criticado históricamente por su falta de transparencia y estructura offshore. USAT representa una estrategia triple: la contratación de Bo Hines, exasesor de la Casa Blanca, como CEO; el respaldo de Cantor Fitzgerald para la custodia de reservas de bonos del Tesoro estadounidense; y el cumplimiento regulatorio a través de Anchorage Digital Bank. Este movimiento desafía directamente a USDC de Circle, la stablecoin合规 dominante en EE.UU., y podría reconfigurar el mercado global de stablecoins, dividiéndolo entre el uso global de USDT y la versión regulada USAT. El éxito de Tether dependerá de su capacidad para ganar credibilidad regulatoria y competir en un panorama cada vez más institucionalizado.

Autor: Peggy, Lin Wanwan, BlockBeats

El activo más estable del mercado cripto, pero es un dólar sin identidad.

En la última década, USDT, con activos de 170 mil millones de dólares y una liquidez omnipresente, se ha convertido en el "dólar de facto" del mundo cripto. Pero cuanto más éxito tiene, más aguda es su ansiedad de identidad: un dólar sin respaldo estadounidense siempre es una vulnerabilidad.

En los últimos años, Circle solicitó una licencia de banco fiduciario, Paxos construyó una red global de liquidación, y Visa y Mastercard también apostaron por los stablecoins en la liquidación. En comparación, Tether se ha mantenido en la narrativa del "imperio sombra offshore".

Bajo la presión regulatoria y la competencia, en septiembre de 2025, Tether, la empresa madre de USDT, finalmente presentó una nueva respuesta: USAT. Es su primer intento de obtener esa identidad que ha faltado durante tanto tiempo.

Al mismo tiempo, Tether nombró a Bo Hines, exasesor de la Casa Blanca de 29 años, como CEO. Hace una década, era el receptor estrella del equipo de fútbol americano de Yale; hoy, es empujado al campo de batalla más sensible de los mercados financieros globales, convirtiéndose en la "fachada legal" de Tether en Estados Unidos.

Hines no llegó de la nada. En enero de 2025, la Casa Blanca estableció el Comité Asesor Presidencial de Activos Digitales, y su nombre apareció en la lista de directores ejecutivos. Con solo 28 años, participó en la promoción de la legislación de la "Ley GENIUS", sentando las bases del marco regulatorio de stablecoins en EE.UU. Pocos meses después, renunció a la Casa Blanca y se unió a Tether, el mayor emisor de stablecoins del mundo, asumiendo la responsabilidad de "expandir" el mercado estadounidense.

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İlgili Sorular

Q¿Qué es USAT y por qué Tether lo lanzó en 2025?

AUSAT es una nueva stablecoin lanzada por Tether en septiembre de 2025, diseñada específicamente para el mercado estadounidense. Representa el primer intento de Tether de obtener legitimidad regulatoria en EE.UU., abordando su histórica 'ansiedad de identidad' como emisor de USDT, que operaba en un espacio regulatorio gris sin respaldo directo del sistema financiero estadounidense.

Q¿Quién es Bo Hines y qué papel juega en la estrategia de Tether?

ABo Hines es un exasesor de la Casa Blanca de 29 años, nombrado CEO de USAT. Anteriormente fue director ejecutivo del Comité Asesor de Activos Digitales de la Presidencia de EE.UU. y participó en la redacción del borrador de la Ley GENIUS. Su contratación es una jugada estratégica de Tether para incrustarse en el ecosistema político y regulatorio estadounidense, actuando como su 'rostro legítimo' en Washington.

Q¿En qué se diferencian los respaldos de USAT y USDT en términos de activos?

AMientras que USDT históricamente ha estado respaldado por una canasta opaca de activos que incluía pagarés comerciales y préstamos a corto plazo, USAT está diseñado para estar respaldado principalmente por bonos del Tesoro de EE.UU. Su custodia está a cargo de Cantor Fitzgerald, un reconocido dealer primario de la deuda estadounidense, lo que busca proporcionar una mayor transparencia y credibilidad vinculada directamente al sistema financiero de EE.UU.

Q¿Cómo pretende USAT competir con USDC de Circle en el mercado estadounidense?

AUSAT busca competir con USDC combinando la enorme escala y liquidez global de Tether con un nuevo enfoque de cumplimiento normativo. Tether argumenta que USAT evitará un posible monopolio de USDC en el mercado estadounidense. La estrategia es crear una 'narrativa dual': mantener la red global 'en la sombra' de USDT mientras se construye un 'doble legal' compliant (USAT) para EE.UU. y clientes institucionales.

Q¿Qué riesgos y desafíos enfrenta Tether en su intento de legitimación con USAT?

ATether enfrenta el desafío de que el mercado y los reguladores confíen en que una entidad históricamente opaca y cuestionada pueda realizar una 'auto-división' efectiva. Existe el precedente de que gigantes 'grises' como Binance encontraron una fuerte resistencia regulatoria en EE.UU. Su futuro dependerá de su transparencia, ejecución合规 (cumplimiento) y la interacción con las agencias reguladoras, en un mercado que se está volviendo más competitivo y institucionalizado.

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HTX.com’a hoş geldiniz! USAT (USAT) satın alma işlemlerini basit ve kullanışlı bir hâle getirdik. Adım adım açıkladığımız rehberimizi takip ederek kripto yolculuğunuza başlayın. 1. Adım: HTX Hesabınızı OluşturunHTX'te ücretsiz bir hesap açmak için e-posta adresinizi veya telefon numaranızı kullanın. Sorunsuzca kaydolun ve tüm özelliklerin kilidini açın. Hesabımı Aç2. Adım: Kripto Satın Al Bölümüne Gidin ve Ödeme Yönteminizi SeçinKredi/Banka Kartı: Visa veya Mastercard'ınızı kullanarak anında USAT (USAT) satın alın.Bakiye: Sorunsuz bir şekilde işlem yapmak için HTX hesap bakiyenizdeki fonları kullanın.Üçüncü Taraflar: Kullanımı kolaylaştırmak için Google Pay ve Apple Pay gibi popüler ödeme yöntemlerini ekledik.P2P: HTX'teki diğer kullanıcılarla doğrudan işlem yapın.Borsa Dışı (OTC): Yatırımcılar için kişiye özel hizmetler ve rekabetçi döviz kurları sunuyoruz.3. Adım: USAT (USAT) Varlıklarınızı SaklayınUSAT (USAT) satın aldıktan sonra HTX hesabınızda saklayın. Alternatif olarak, blok zinciri transferi yoluyla başka bir yere gönderebilir veya diğer kripto para birimlerini takas etmek için kullanabilirsiniz.4. Adım: USAT (USAT) Varlıklarınızla İşlem YapınHTX'in spot piyasasında USAT (USAT) ile kolayca işlemler yapın.Hesabınıza erişin, işlem çiftinizi seçin, işlemlerinizi gerçekleştirin ve gerçek zamanlı olarak izleyin. Hem yeni başlayanlar hem de deneyimli yatırımcılar için kullanıcı dostu bir deneyim sunuyoruz.

571 Toplam GörüntülenmeYayınlanma 2026.01.27Güncellenme 2026.06.02

USAT Nasıl Satın Alınır

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