Tether has launched USA₮, a federally regulated, dollar-backed stablecoin designed for the U.S. market. The token is issued by Anchorage Digital Bank, a federally chartered U.S. institution. USA₮ is intended to compete directly with Circle’s USDC and Tether’s own USDT, challenging USDT’s global market dominance. The coin is designed to meet the GENIUS Act’s prerequisites, including bank issuance, full reserves, and ongoing regulatory oversight, with Cantor Fitzgerald serving as reserve manager and primary market maker to ensure transparency from launch.
Initially, USA₮ will be usable on Kraken, Crypto.com, Moonpay, OKX, and Bybit. The launch follows GENIUS Act-driven regulatory tightening that restricts the marketing and distribution of non-bank-issued stablecoins to U.S. customers. Under the law, only stablecoins issued by federally or state-licensed institutions may be marketed or circulated to Americans; offshore issuances that fail to meet the criteria face limits from U.S. regulators, banks, and payment providers.
As a result, USDT’s use in the U.S. is constrained, while USDC benefits from regulatory clarity and faster local adoption. The move provides a regulated option for U.S. institutions, while USDT maintains its status as a global dollar token. The dual-structure approach is designed to defend Tether’s position across both domestic and international markets and to coexist with USDC within the broader crypto ecosystem.
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