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Tether launches USAT stablecoin to expand U.S. footprint

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Tether, the world’s largest stablecoin issuer, announced plans to roll out a new U.S.-based stablecoin called USAT, aimed specifically at American residents. CEO Paolo Ardoino said the project, set to launch by year-end, will strengthen the company’s presence in the U.S. market.

The new venture will be led by Bo Hines, a former White House official and recent advisor to Tether. USAT will be issued by Anchorage Digital Bank, which holds a national trust charter with the U.S. Office of the Comptroller of the Currency. Cantor Fitzgerald will act as custodian and preferred primary dealer. The company will be headquartered in Charlotte, North Carolina.

Tether’s flagship stablecoin, USDT, already dominates globally with a $169 billion market cap, but operates from El Salvador. With the recent passage of the GENIUS Act, which mandates stablecoin reserve disclosures and backing with liquid assets like dollars and Treasuries, Tether said it intends to comply both as a foreign issuer (USDT) and through its U.S.-based USAT.

Ardoino framed the move as necessary to counter competitors “trying to create a monopolistic environment” in the U.S. Hines added that the expansion would be “exorbitant” over the next 12–24 months.

The announcement comes shortly after rival Circle’s blockbuster IPO, which raised over $1 billion. Tether itself has become a significant player in U.S. financial markets, purchasing $33.1 billion of U.S. Treasury bills in 2024, making it the seventh-largest buyer of government debt.

Tether has faced scrutiny in the U.S. before, including a 2021 settlement with the New York Attorney General over reserve transparency and past investigations into compliance practices. Still, with the GENIUS Act providing a clear framework, Tether is positioning itself as a long-term participant in U.S. finance.

Sanctioned Russian Crypto Exchange Garantex Suspends Services After Tether Blocks Wallets

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Russian cryptocurrency exchange Garantex announced on Thursday that stablecoin Tether had blocked digital wallets on its platform, which collectively held over 2.5 billion roubles ($28 million). This move has forced Garantex to suspend operations just days after being sanctioned by the European Union.

The EU included Garantex in its 16th sanctions package on February 24, accusing the platform of being closely linked to Russian banks already under EU sanctions and playing a role in circumventing these sanctions. In a statement on Telegram, Garantex expressed frustration, stating, “We have bad news. Tether has entered the war against the Russian crypto market.”

When contacted for comment, a spokesperson for Tether referred Reuters to the U.S. Secret Service, offering no additional details on the matter.

Garantex confirmed it was halting all services, including cryptocurrency withdrawals, and vowed to continue fighting against the sanctions. “Please note that all USDT held in Russian wallets is now under threat,” the exchange warned.

As access to the U.S. dollar and the SWIFT global payment network has been restricted, many Russians have turned to cryptocurrencies to bypass these financial limitations, with the central bank permitting businesses to use cryptocurrencies for international trade.

The U.S. had previously labeled Garantex as a “ransomware-enabling virtual currency exchange” when imposing sanctions on the platform in April 2022, accusing it of facilitating illicit activities.

Russian lawmaker Anton Gorelkin responded to the latest sanctions, accusing Western nations of pursuing political motives. He assured that this would not be the last attempt to target Russia’s cryptocurrency infrastructure but stressed that cryptocurrencies remain a key tool for circumventing sanctions, despite Tether’s actions.

Tether Announces Plans to Move Headquarters to Crypto-Friendly El Salvador

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Tether, the company behind the USDT stablecoin, has made a significant move by deciding to relocate its headquarters from the British Virgin Islands to El Salvador. This shift comes after the company secured a virtual asset service provider (VASP) license in the Central American nation, marking a milestone in its expansion plans. Tether’s decision to establish its operations in El Salvador aligns with the company’s broader vision to advance the mainstream adoption of blockchain technology and digital assets, tapping into the country’s crypto-friendly regulatory environment.

El Salvador made global headlines in 2021 by becoming the first country to officially legalize Bitcoin, designating it as legal tender alongside the US dollar. Tether has consistently supported Bitcoin in its business operations, and this move further solidifies the company’s commitment to the cryptocurrency ecosystem. In 2023, Tether revealed plans to allocate up to 15 percent of its net profits to purchase Bitcoin tokens, signaling a growing investment in the leading cryptocurrency. The company’s long-term plans include enhancing the integration of stablecoins and Bitcoin into the global financial system, a vision it intends to push forward by establishing its headquarters in El Salvador.

Tether’s decision to relocate is also backed by its impressive financial performance. The company reported a net profit of $10 billion in 2024, with experts predicting continued growth in the pro-crypto landscape. Tether sees El Salvador’s regulatory environment as an ideal backdrop to foster its ambitions, as the country’s government has actively supported the crypto industry. This move also positions Tether to benefit from the country’s innovative approach to financial technology, which has already attracted various blockchain-related ventures.

Paolo Ardoino, CEO of Tether, expressed his enthusiasm about the move, emphasizing that it aligns with the company’s values of financial freedom, innovation, and resilience. By setting up operations in El Salvador, Tether not only strengthens its presence in the region but also reinforces its dedication to promoting the growth and adoption of digital assets. As El Salvador continues to embrace cryptocurrencies, Tether’s decision marks a significant step in furthering the country’s status as a global hub for blockchain and cryptocurrency innovation.