Compliant Stablecoin Competition Heats Up as Tether Launches USAT to Enter the US Market
Tether, the dominant stablecoin issuer, has launched a new regulated dollar-pegged stablecoin called USAT, specifically designed for the U.S. market under the GENIUS Act framework. USAT is issued through the federally chartered Anchorage Digital Bank, with Cantor Fitzgerald serving as the custodian and primary dealer. Initially launched on Ethereum with a supply of $20 million, it is supported by exchanges including Bybit, Crypto.com, Kraken, OKX, and MoonPay—notably excluding Binance and Coinbase, which have ties to competing stablecoins.
Tether will pursue a dual-track strategy: USAT will focus on compliant competition within the U.S., while USDT continues to serve as the global liquidity benchmark in offshore markets. USAT enters a highly competitive landscape, challenging incumbents like Circle’s USDC, World Liberty Financial’s USD1 (backed by the Trump family), PayPal’s PYUSD, and BlackRock’s USDtb. While Tether has substantial financial resources, it remains uncertain whether it will adopt aggressive incentive strategies to spur adoption, as the company has historically opposed yield-bearing models. The success of USAT will depend on Tether’s ability to compete as a regulated latecomer in a crowded market.
Odaily星球日报01/28 02:44
