Bo Hines Named CEO of Tethers new USAT stablecoin
Former White House crypto adviser Bo Hines to lead Tether’s new USAT stablecoin in the U.S.
Tether has announced the launch of a new stablecoin, USAT, backed by the U.S. dollar, and appointed former executive director of the White House Digital Assets Council — Bo Hines — as the CEO of the project.
“Tether is already one of the largest holders of U.S. Treasury bonds, as we deeply believe in the enduring strength of the dollar. USAT is our commitment to ensuring not only the dollar’s dominance in the digital age but also its prosperity,” said Tether CEO Paolo Ardoino.
Tether continues to dominate amid growing competition
According to the Friday announcement, the new stablecoin will meet reserve requirements and compliance standards under the recently passed GENIUS stablecoin bill and will leverage Tether’s real-world asset tokenization platform, Hadron.
Data from RWA.XYZ shows the total stablecoin market has recently surpassed $270 billion. While Tether continues to dominate, its market share fell below 60% at the end of August.
As we wrote, Tether boosts XAUT stability with $100M gold mining deal
Latest Bo Hines News
- Forex
- Crypto