Crypto company Tether, the creator of the world's largest stablecoin, plans to launch a US-based stablecoin designed for U.S. residents, called USAT, the company's CEO Paolo Ardoino said on Friday.
Former White House official Bo Hines will be the CEO of the new venture, which aims to be launched by the end of the year, Ardoino said at a press conference in New York.
The move is the latest sign of Tether, which is based in El Salvador, looking to bolster its presence in the US, where crypto companies have benefited from President Donald Trump's pro-crypto stance.
"We want people to know that Tether is here to participate in the US economy in a huge way," said Hines, who was appointed as a strategic advisor to Tether in August.
"I think our expansion will be exorbitant over the course of the next 12 to 24 months," Hines said.
Tether's dollar-pegged cryptocurrency, known as USDT, is already available on US crypto exchanges.
A press release described USAT as "designed to comply with the recently enacted GENIUS Act", referring to new US rules governing stablecoins.
USDT still plans to comply with the GENIUS Act and remain a foreign stablecoin issuer, Ardoino said, adding that the law provides a way for foreign stablecoins to receive reciprocity.
Ardoino said USAT will be issued by Anchorage Digital Bank, which has a national trust bank charter with the US Office of the Comptroller of the Currency. There was no way for USAT to offer yield, he added.
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