Tether launches USAT in the United States: what Anchorage's stablecoin is and how it differs from USDT
The issuer of USDT debuted, on January 27, 2026, a second dollar stablecoin aimed at the US market. USDT remains the currency of global use, including international payments.
Historical reference: January 29, 2026. Published on this site on November 2, 2026. Dates in the text identify the period covered.
In this article
Key points
- Tether launched USAT on 1/27/2026, a dollar stablecoin issued by Anchorage Digital Bank, a federally chartered US bank, and designed to comply with the GENIUS Act.
- USAT is separate from USDT, which remains Tether's globally used stablecoin, including on the TRON network.
- The project is led by Bo Hines, former executive director of the White House crypto council, and Cantor Fitzgerald is the reserve custodian.
- For Brazilian importers, nothing changes immediately: payments to suppliers still use USDT.
São Paulo, January 29, 2026 — Tether, the company that issues USDT, launched USAT on Tuesday (27), a dollar-pegged stablecoin issued in the United States by Anchorage Digital Bank, N.A., a federally chartered bank. The currency is designed to meet the GENIUS Act, the American stablecoin law signed in July 2025. Tether says USAT is intended for institutions and platforms, and USDT continues to operate globally.
The debut closes a cycle opened in September. On September 12, 2025, at an event in New York, Tether presented the project and named Bo Hines, former executive director of the White House crypto council, to lead the new American unit, with a team based in Charlotte (North Carolina). The goal at the time was to launch the currency by the end of 2025, and Anchorage and Cantor Fitzgerald would hold stakes in the unit, according to American Banker. At the time, USDT had about US$169 billion in circulation, according to The Block. The stated aim: to serve the American market with a product that local law recognizes.
- 07/18/2025The GENIUS Act, the first American federal law on stablecoins, is signed.
- 09/12/2025Tether presents USAT in New York and names Bo Hines to lead the American unit; the goal was to launch by the end of the year.
- 11/26/2025S&P lowers USDT's stability assessment to 5, "weak".
- 01/27/2026USAT launches, issued by Anchorage Digital Bank.
What USAT is and who issues it
USAT is a dollar-backed stablecoin issued by Anchorage Digital Bank and, according to Anchorage itself, the OCC, the regulator of American national banks, supervises the issuer. Cantor Fitzgerald is the designated custodian of the reserves and the project's preferred primary dealer, a role for a broker authorized to trade Treasury securities directly with the Federal Reserve. Tether promises transparent reserves, but the launch coverage does not detail the composition or the attestation schedule.
According to PYMNTS, the first phase of the launch includes the platforms Bybit, Crypto.com, Kraken, OKX and MoonPay.
How USAT differs from USDT
| Point | USAT | USDT |
|---|---|---|
| Issuer | Anchorage Digital Bank, N.A. (a US national bank) | Tether, headquartered in El Salvador |
| Audience | US market, institutions and platforms | Global use, including emerging markets |
| Regime | Designed for the GENIUS Act, with OCC supervision of the issuer | Moving toward GENIUS Act compliance, according to Tether |
| Reserves | Custody by Cantor Fitzgerald; composition not yet detailed in the announcements | Quarterly attestations from Tether |
| Networks and use in payments | Recent launch, limited initial circulation | Most of the supply on TRON and Ethereum |
Splitting into two currencies solves an underlying problem. The GENIUS Act admits only issuers authorized in the US or registered foreign ones and imposes reserve and transparency rules. USDT is issued outside the country, and Tether says it is bringing it into line with the law. USAT lets Tether have a product accepted by American banks and platforms without touching USDT's structure. The details of the law are in GENIUS Act: the stablecoin law in the US.
What changes for the market
The launch comes two months after S&P downgraded USDT's stability to "weak", a criticism Tether contested (understand the downgrade). Tether has its own arguments for a separate product: a US-regulated currency and the global USDT can coexist, each under the regime of its market. Under the GENIUS Act, platforms serving the American public will have until July 2028 to offer only stablecoins from authorized issuers or registered foreign ones. USAT is born inside that regime; USDT depends on the foreign issuer route.
- In the United States, USAT competes with existing regulated stablecoins, such as USDC, and with the offerings of banks and fintechs.
- Tether says USDT continues to operate worldwide, with no plan to replace it.
- American banks and platforms gain a Tether option with a regulated issuer, which may reduce reliance on USDT in that market.
- There is still no public data on USAT's volume, supply or reserve composition; its real size will only show in upcoming attestations.
International payments by Brazilian companies with stablecoins continue to use USDT, especially on the TRON network, which shares with Ethereum most of the supply. USAT was born for the American market and does not change how to pay a supplier in China or Europe. USDT's risk, such as the possibility of losing its peg, remains the same.
Brazilian rules do not change with the launch either. From February 2, 2026, international payment with a stablecoin becomes a foreign exchange operation, whichever currency is used, as detailed in the article on BCB Resolution 521.
Frequently asked questions
What is Tether's USAT?
It is a dollar stablecoin launched on January 27, 2026, issued in the United States by Anchorage Digital Bank, N.A., and designed to comply with the GENIUS Act. Tether presents it as intended for institutions and platforms in the American market.
Does USAT replace USDT?
No. Tether says USDT continues to operate globally and that USAT is a separate product, aimed at the American market. USDT remains the basis of international use, including on the TRON network.
Who issues USAT?
Anchorage Digital Bank, N.A., a federally chartered US bank. Tether leads the project through an American unit headed by Bo Hines, and Cantor Fitzgerald is the reserve custodian.
Does USAT change anything about paying suppliers abroad?
Not for now. Payments by Brazilian companies with stablecoins still use USDT, mainly on the TRON network. USAT was launched for the US market and still has limited initial circulation.
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Sources
- Tether launches dollar-backed stablecoin designed to comply with GENIUS Act · PYMNTS, Jan 27, 2026
- Bo Hines named CEO of Tether's new US arm as company unveils USAT stablecoin · The Block, Sep 12, 2025
- Tether targets December for launch of U.S.-regulated stablecoin · American Banker, Sep 12, 2025
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