#Tether推出USAT Tether officially announced the launch of the US dollar stablecoin USAT for the compliant U.S. market on September 12, 2025, operated by the newly established Tether USA, anchored to the federal regulatory framework of the GENIUS Act, distinguishing itself from USDT, primarily targeting U.S. institutions and compliant scenarios.

Core Positioning and Issuance Mechanism

- Compliance Core: Issued by Anchorage Digital, which holds an OCC license, and reserves managed by Cantor Fitzgerald; 1:1 anchored to the U.S. dollar, reserves consist of cash + short-term U.S. Treasury bonds, with monthly disclosures and quarterly audits as mandated by the act.

- Technology and Network: Based on the TetherHadron platform, supporting ETH/Solana chains, leveraging the global USDT network to expand distribution, with priority access for U.S. licensed institutions.

- Team and Operations: Appointed former government official Bo Hines as CEO, headquartered in Charlotte, enhancing local compliance and government-enterprise communication.

Key Differences from USDT

Comparison Item USAT USDT

Regulatory Attributes U.S. federal compliance, domestically licensed issuance Offshore structure, global circulation, differing compliance focus

Reserve Transparency Legal disclosures, custody and audits verifiable Improved in recent years but historically contentious

Target Users U.S. institutions, compliant enterprises Global retail and emerging markets, wide penetration

Scope of Use Priority to U.S. licensed institutions Global crypto trading, accounting for about 70% of stablecoin market value

Market Impact and Trading Insights

- Institutional Narrative: Filling the compliance gap for Tether in the U.S., capturing institutional funds brought by the GENIUS Act, diverting USDC market share, driving compliance stratification in the stablecoin market.

- Liquidity and Trading: If USAT sees volume, it will enhance liquidity in the ETH/Solana ecosystem; focus on reserve disclosures, institutional access progress, and regulatory trends, as compliant capital inflow may drive low-volatility buying pressure for mainstream coins like BTC/ETH.

- Risk Warning: Initially limited to institutions, slow consumer adoption; direct competition with USDC, market share growth depends on institutional expansion speed; macro liquidity and regulatory detail changes still carry uncertainty.