One of crypto’s largest, and most controversial, companies is coming to the U.S. On Friday, at an event held at a spy-themed museum in New York City, the stablecoin issuer Tether announced that it was launching a U.S. stablecoin called USAT, a stunning reversal for an operation that just last year appeared to be in the crosshairs of U.S. law enforcement officials.
To launch USAT, Tether has tapped Anchorage Digital, one of the largest crypto custodians that has touted its ability to issue stablecoins compliant with the Genius Act—newly passed legislation in the U.S. that establishes guardrails for the issuance and management of stablecoins. Tether’s longtime partner Cantor Fitzgerald will serve as the custodian to hold the new stablecoin’s reserves.
