What To Know:
- Tether has launched USAT, a US-regulated, dollar-backed stablecoin issued by Anchorage Digital Bank under the GENIUS Act framework, as the firm reported $15 billion in profit for 2025.
- Cantor Fitzgerald will oversee reserves as custodian and primary dealer, while USAT will support regulated US payments through platforms including Kraken, Crypto.com, OKX, Bybit, and MoonPay.
- The launch allows Tether to reenter the US market with a compliant product while USDT continues operating globally.
Tether has launched a new US-regulated stablecoin, as the firm recorded a profit of $15 billion in 2025. The token, named USAT, is fully backed by the US dollar and developed in line with the federal stablecoin framework introduced under the GENIUS Act. The asset is issued by Anchorage Digital Bank, the first federally regulated crypto bank in the United States.
Tether Launches US-Regulated Stablecoin
Bo Hines has been appointed chief executive officer of Tether USAT. Cantor Fitzgerald will serve as the reserve custodian and preferred primary dealer, overseeing the assets backing the stablecoin.
USAT has been designed specifically for US payment infrastructure and institutional use. Initial platform integrations include Bybit, Crypto.com, Kraken, OKX, and MoonPay. Tether said additional payment and settlement partners are expected to follow.
The company confirmed that USDT, its flagship stablecoin, will continue to operate outside the US without changes to its global structure.
Are you ready?
USA₮ is now live. 🚀
The digital dollar that moves at internet speed. Always 1:1. Instant. Borderless.#USAt #Tether pic.twitter.com/SI6EUehv7o
— USAT (@usat) January 27, 2026
The launch arrives as Tether reports one of the most profitable years in the history of the crypto sector. The company is projected to generate roughly $15 billion in profit in 2025, driven largely by income from US Treasury holdings and rising demand for dollar-denominated liquidity.
Tether has quietly become one of the world’s largest holders of US government debt. It currently ranks as the seventeenth largest holder of US Treasuries globally, surpassing countries including Germany, South Korea, and Australia.
Those reserves sit alongside sizable allocations to Bitcoin and physical gold, forming a balance sheet that rivals mid-sized financial institutions.
According to CoinMarketCap data, USDT’s market capitalization stood at approximately $187 billion as of early January. Daily trading volume regularly exceeds the combined volume of all competing stablecoins, a position unmatched in the sector.
That scale has been achieved despite limited access to the US market. With few exceptions, American residents have not been permitted to use USDT due to regulatory constraints tied to offshore issuance.
The passage of the GENIUS Act reshaped that environment.
The legislation introduced the first nationwide framework governing stablecoins marketed to US users. Under the law, only tokens issued by federally or state-qualified entities can be distributed within the country. Offshore stablecoins that fall outside the framework face restrictions from regulated exchanges, banks, and payment providers.
For Tether, the law effectively walled off its core product from the US financial system.
By issuing a bank-backed stablecoin through a regulated American institution, Tether can now offer US institutions a compliant dollar token while leaving USDT positioned as a global settlement asset.
The structure places Tether back into direct competition with Circle’s USDC, which has benefited from early regulatory alignment and deep integration with U.S. financial firms.
Unlike previous attempts by offshore issuers to reenter the American market, USAT is built entirely within the boundaries of federal oversight. Anchorage Digital Bank serves as the issuer, while reserve custody and dealer services are handled by Cantor Fitzgerald, one of the most established names in U.S. fixed-income markets.
USAT targets regulated payments, treasury management, and institutional settlement inside the United States. USDT continues to function as the primary dollar rail for emerging markets, offshore exchanges, and cross-border transfers.
Millions of users in developing economies rely on USDT as a digital substitute for physical dollars, particularly in regions facing currency instability or limited access to banking infrastructure. Its liquidity and acceptance have made it the dominant settlement asset across centralized and decentralized crypto markets.
Over the past two years, the company has invested heavily in satellites, data centers, telecommunications infrastructure, agriculture, and media ventures. These investments signal a broader strategy aimed at building physical and digital systems that operate alongside its financial products.
The scale of those investments has been supported by profits generated from rising interest rates and the firm’s massive Treasury portfolio.
Also Read: Circle CEO Says Stablecoin Interest Poses No Threat to Banks
