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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>Colin HarperTue, Sep 16, 2025, 1:57 PM 6 min readLast week, Tether, the indisputable champion of the stablecoin market, announced that it would be starting from scratch to launch USAT, a US-only, GENIUS Act-compliant stablecoin.The launch is an act of necessity for a company that has to align with new U.S. laws or risk losing its position as the crypto market’s leading stablecoin. So how did we get here?Rewind to 2014. Bitcoin is barely five years old, and a no name company in a mocked, infant industry, Tether, decides to issue a dollar-pegged cryptocurrency on Bitcoin called USDT.Tether wasn’t the first – that title goes to BitShare’s now defunct BitUSD – but it would soon become the dominant stablecoin, and its success bred competitors.In Bitcoin’s early days, USDT provided vital dollar liquidity for a market often verboten to the traditional financial system. USDT would become the USD proxy benchmark for bitcoin and other cryptocurrency trading pairs, and it would also come to serve as a synthetic, offshore bank account for people from China to Venezuela.Now, Tether’s marketcap is $170 billion, and if the company were a nation, its U.S. Treasury bond holdings would make it the 18th largest holder. Tether and the stablecoin industry it ushered have become so consequential, that the U.S. Congress has passed legislation, the GENIUS Act, that clearly regulates the industry.Signed on July 18, 2025, the GENIUS Act would ultimately push Tether, the largest stablecoin issuer, to design a made-for-America stablecoin, USAT, which it plans to launch at the end of 2025 subject to regulatory approval.The U.S. government distinguishes USDT as a “foreign stablecoin issuer,” so USAT will move Tether into the compliance window with U.S.’s new stablecoin law. Here’s how.Just like Tether’s flagship USDT, USAT will be a dollar-pegged stablecoin fully backed by USD, USD-assets like bonds, and other highly liquid investments.Tether has tasked Anchorage Digital Bank to issue USAT, while Cantor Fitzgerald will custody the stablecoin’s collateral and related funds. Both of these partners satisfy the GENIUS Act’s requirements for stablecoins to work with domestic, federally chartered financial partners for issuance and custody. The USAT company will have its headquarters in Charlotte, North Carolina.To help navigate the regulatory morass, Tether hired Bo Hines, a previous White House crypto council executive director. Hines said during the USAT launch press conference that he believes USAT will see meteoric growth in two years following its launch.“I think our expansion will be exorbitant over the course of the next 12 to 24 months,” he said. We want people to know that Tether is here to participate in the U.S. economy in a huge way.”Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,600.35 -6.41 (-0.10%)Dow 3046,018.32 +260.42 (+0.57%)Nasdaq22,261.33 -72.63 (-0.33%)Russell 20002,407.34 +4.31 (+0.18%)VIX15.72 -0.64 (-3.91%)Gold3,692.00 -33.10 (-0.89%)PortfolioSign in to access your portfolioSign inTop gainersBGM BGM Group Ltd. 10.44 +2.23 (+27.16%)QMMM QMMM Holdings Limited 105.64 +17.64 (+20.05%)QBTS D-Wave Quantum Inc. 22.54 +3.56 (+18.76%)OPEN Opendoor Technologies Inc. 10.21 +1.29 (+14.46%)LYFT Lyft, Inc. 22.84 +2.65 (+13.13%)Top losersGEMI Gemini Space Station, Inc. 24.53 -3.60 (-12.80%)FIGR Figure Technology Solutions, Inc. 37.17 -3.31 (-8.18%)TREX Trex Company, Inc. 53.84 -4.45 (-7.63%)MANU Manchester United plc 15.38 -1.03 (-6.28%)ARW Arrow Electronics, Inc. 119.08 -7.92 (-6.24%)Most activeOPEN Opendoor Technologies Inc. 10.21 +1.29 (+14.46%)PLUG Plug Power Inc. 2.0000 +0.3200 (+19.05%)NVDA NVIDIA Corporation 170.29 -4.55 (-2.60%)BBAI BigBear.ai Holdings, Inc. 6.02 +0.08 (+1.35%)SNAP Snap Inc. 7.99 +0.25 (+3.23%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersAVGO Broadcom Inc. 346.17 -13.83 (-3.84%)^IXIC NASDAQ Composite 22,261.33 -72.63 (-0.33%)^GSPC S&P 500 6,600.35 -6.41 (-0.10%)QBTS D-Wave Quantum Inc. 22.54 +3.56 (+18.76%)^DJI Dow Jones Industrial Average 46,018.32 +260.42 (+0.57%)Top economic events