Coin columns · Ethereum City (Capital)
USAT: Tether’s Federally Regulated Dollar Stablecoin for US Users
Issued through Anchorage Digital Bank under the GENIUS Act
USAT is a US-dollar stablecoin that Tether, the operator of USDT, launched on 27 January 2026 for the US market, with the federally chartered Anchorage Digital Bank as issuer. It is built to fit the framework of the GENIUS Act, passed in July 2025.
1. What it is and who issues it
A stablecoin is a coin that aims to stay at one-to-one with a currency such as the dollar. Tether, which runs USDT, formally launched USAT on 27 January 2026 and describes it as a dollar coin operating inside the US federal regime. Anchorage Digital Bank, a US federally chartered bank, acts as issuer.
Tether’s US business unit, Tether USAT, has been led since September 2025 by Bo Hines, a former White House crypto policy adviser. Cantor Fitzgerald is described as reserve custodian and preferred primary dealer (a firm that takes a leading role in Treasury trading). On the Crypto Nation map, USAT stands in Ethereum City (the capital), because the price-data source CoinGecko lists Ethereum as its first chain.
2. How a regulated dollar coin works
A stablecoin is the issuer’s promise to redeem it for dollars, so the issuer must hold dollar assets as reserves. The GENIUS Act is known to require reserves such as cash or short-term US Treasuries held one-to-one, regular disclosure of their makeup, and a ban on paying interest to holders.
For USAT, Cantor Fitzgerald is said to hold the reserves and Anchorage acts as issuer, with the issuer obliged under the law’s framework to redeem at face value. Users receive and send USAT through exchanges and payment services, and who may redeem directly, and on what terms, follows the issuer’s notices.
3. Uses and milestones
USAT was announced to be offered first through Bybit, Crypto.com, Kraken, OKX and MoonPay. USDT is not available to US customers, so USAT is described as Tether’s product for that market. Typical stablecoin uses such as exchange trading, transfers and payments are cited.
The GENIUS Act, enacted in July 2025, created the first US legal framework for payment stablecoins. Bo Hines became CEO of Tether USAT in September 2025, and the coin launched on 27 January 2026. Detailed rules and their timing are still being worked out and need checking.
4. Things to know
‘Federally regulated’ does not mean the government guarantees the value. Payment stablecoins under this law are said not to be protected like bank deposits, so reserve management, the issuer’s finances and the custodian’s stability matter. A coin can drift from one dollar, and redemption procedures and fees differ by service.
USAT and USDT have similar names but are separate products under different rules. Whether USAT is open to users outside the US, and on which blockchains it runs, differs by source and should be checked in the issuer’s notices. It is new, so its operating record is short, and many write-ups come from the issuer and exchanges.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.