Tether Launches USA₮ Stablecoin, But Banks May Not Like That, Analysts Warn
Tether (CRYPTO: USDT) has launched USA₮, a federally regulated stablecoin issued by Anchorage Digital Bank, but Standard Chartered warns stablecoins could drain $100 billion from U.S. bank deposits with the market reaching $301.4 billion.
USA₮: Built For The GENIUS Act
Tether launched USA₮ on Monday to comply with the GENIUS Act, the first nationwide framework governing stablecoins sold to U.S. users.
The law requires stablecoins offered to Americans to be issued by federally or state-qualified entities. That locked out USDT, Tether’s flagship token, forcing the company to create a separate U.S.-compliant version.
Bo Hines, former White House Crypto Council Executive Director, leads the project as CEO of Tether USA₮.
USA₮ is now available on Bybit, Crypto.com, Kraken, OKX, and MoonPay. Cantor Fitzgerald serves as reserve custodian, ensuring transparency from day one.
This move puts Tether back in direct competition with Circle’s (NYSE:CRCL) USDC, which has dominated the U.S. institutional market due to early regulatory compliance.
Meanwhile, USDT continues operating globally with $143 billion in circulation.
Paolo Ardoino, Tether’s CEO, called USA₮ “a dollar-backed …
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