Tether's Two Faces: USAT as the Legal Persona, and USDT as the Gray Empire

marsbitОпубліковано о 2026-01-28Востаннє оновлено о 2026-01-28

Анотація

Tether, the issuer of the world's largest stablecoin USDT, is launching a new U.S.-focused stablecoin called USAT in September 2025, marking a strategic shift toward regulatory compliance. USDT, with $170 billion in assets, has long dominated the global crypto market but faced criticism over its opaque reserves and offshore structure. To legitimize its operations in the U.S., Tether is deploying a three-pronged strategy: appointing Bo Hines, a 29-year-old former White House advisor who helped draft stablecoin legislation, as CEO of USAT; partnering with Cantor Fitzgerald, a primary dealer of U.S. Treasuries, to back USAT with transparent, Treasury-heavy reserves; and using Anchorage Digital Bank, a federally chartered crypto bank, for issuance and compliance. USAT will be headquartered in Charlotte, North Carolina. This move directly challenges Circle’s USDC, the leading compliant stablecoin in the U.S., and signals Tether’s attempt to shed its "shadow empire" image. While USDT will continue serving global markets, USAT aims to capture institutional and domestic demand, potentially reshaping the stablecoin landscape. However, Tether’s success hinges on regulatory acceptance and execution amid growing competition from Circle, Paxos, and traditional finance giants like Visa and Mastercard.

Author: Peggy, Lin Wanwan, BlockBeats

The most stable asset in the crypto market is actually a dollar without an ID.

Over the past decade, USDT has turned itself into the "de facto dollar" of the crypto world with $170 billion in assets and ubiquitous liquidity. But the more successful it becomes, the sharper its identity anxiety grows: a dollar without U.S. backing remains a vulnerability.

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Пов'язані питання

QWhat is the main strategic move Tether is making with the launch of USAT in 2025?

ATether is launching USAT as a fully compliant, US-regulated stablecoin to address its long-standing 'identity anxiety' and lack of a US regulatory license. It aims to move from being a 'shadow dollar' supplier to a legitimate, institutional participant within the US financial system.

QWho is Bo Hines and what role does he play in Tether's new strategy?

ABo Hines is a 29-year-old former White House advisor who was the Executive Director of the Presidential Digital Asset Advisory Committee. He was appointed as the CEO of USAT to lead its US market expansion and regulatory compliance, leveraging his political experience and involvement in drafting the GENIUS Act.

QHow does USAT's reserve backing differ from that of USDT?

AUnlike USDT, which has faced scrutiny over its opaque reserve composition (including commercial paper and complex offshore assets), USAT's reserves will be primarily backed by US Treasury bonds and held by Cantor Fitzgerald, a primary dealer for the US Treasury, ensuring greater transparency and trust.

QWhich US company is the main competitor that USAT is directly challenging?

AUSAT is directly challenging Circle and its USDC stablecoin, which has been the dominant compliant stablecoin in the US market. Tether aims to break what it perceives as a potential monopoly by offering a product that combines its massive scale with US regulatory compliance.

QWhat historical parallel does the article draw to Tether's attempt to gain a legitimate identity?

AThe article draws a parallel to the 19th-century Morgan banking family, which transformed its image from a perceived 'financial oligarchy' into a 'national financial agent' by helping the government solve fiscal crises and restructuring debt, similar to Tether's current strategy of buying US Treasuries and pushing for compliance.

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Як купити USAT

Ласкаво просимо до HTX.com! Ми зробили покупку USAT (USAT) простою та зручною. Дотримуйтесь нашої покрокової інструкції, щоб розпочати свою криптовалютну подорож.Крок 1: Створіть обліковий запис на HTXВикористовуйте свою електронну пошту або номер телефону, щоб зареєструвати обліковий запис на HTX безплатно. Пройдіть безпроблемну реєстрацію й отримайте доступ до всіх функцій.ЗареєструватисьКрок 2: Перейдіть до розділу Купити крипту і виберіть спосіб оплатиКредитна/дебетова картка: використовуйте вашу картку Visa або Mastercard, щоб миттєво купити USAT (USAT).Баланс: використовуйте кошти з балансу вашого рахунку HTX для безперешкодної торгівлі.Треті особи: ми додали популярні способи оплати, такі як Google Pay та Apple Pay, щоб підвищити зручність.P2P: Торгуйте безпосередньо з іншими користувачами на HTX.Позабіржова торгівля (OTC): ми пропонуємо індивідуальні послуги та конкурентні обмінні курси для трейдерів.Крок 3: Зберігайте свої USAT (USAT)Після придбання USAT (USAT) збережіть його у своєму обліковому записі на HTX. Крім того, ви можете відправити його в інше місце за допомогою блокчейн-переказу або використовувати його для торгівлі іншими криптовалютами.Крок 4: Торгівля USAT (USAT)Легко торгуйте USAT (USAT) на спотовому ринку HTX. Просто увійдіть до свого облікового запису, виберіть торгову пару, укладайте угоди та спостерігайте за ними в режимі реального часу. Ми пропонуємо зручний досвід як для початківців, так і для досвідчених трейдерів.

584 переглядів усьогоОпубліковано 2026.01.27Оновлено 2026.01.27

Як купити USAT

Обговорення

Ласкаво просимо до спільноти HTX. Тут ви можете бути в курсі останніх подій розвитку платформи та отримати доступ до професійної ринкової інформації. Нижче представлені думки користувачів щодо ціни USAT (USAT).

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