DeFi’s leading stablecoin issuer is now catering to the United States and its federally regulated crypto environment.
Tether, the issuer of USDT, the leading stablecoin by market capitalization, has launched its new, federally regulated dollar-backed stablecoin, USAT.
The new stablecoin is Tether’s second dollar-backed stablecoin and its seventh token, following USDT, EURT, MXNT, CNHT, AEDT, and XAUt.
USDT remains DeFi’s dominant stablecoin, accounting for $186.5 billion, or 60%, of the $308 billion stablecoin market, while Tether’s other assets account for a cumulative $2.675 billion, of which 99% is Tether Gold (XAUt).
USAT was first announced in September, when the company revealed its intention to cater to the new regulatory regime in the United States with USAT and the appointment of former White House Crypto Council executive director Bo Hines as its CEO.
The token is issued by Anchorage Digital Bank and designed to comply with the GENIUS Act, which was signed into law in July 2025. The law legitimized stablecoin usage in the United States, but it is also putting pressure on yield offerings.
“USAT offers institutions an additional option: a dollar-backed token made in America. USDT has proven for more than a decade that digital dollars can deliver trust, transparency, and utility at a global scale. USAT extends that mission by providing a federally regulated product designed for the American market,” said Tether CEO Paolo Ardoino in a release.