TLDR
- Tether will align both its USDT and USAT stablecoins with the US GENIUS Act regulations.
- Bo Hines confirmed that Tether’s stablecoins will meet compliance standards set by the GENIUS Act.
- The new GENIUS Act regulatory framework is designed for stablecoins in the United States.
- Tether believes the GENIUS Act’s reciprocity clause will allow global operations for its stablecoins.
- USAT is a new stablecoin launched by Tether to comply with US regulations under the GENIUS Act.
- Bo Hines, Tether’s US Operations Lead, emphasized that both USDT and USAT will follow the same compliance standards.
Tether, the world’s largest stablecoin issuer by market share, has confirmed it will align with the US GENIUS Act. This move includes both USDT and USAT, Tether’s two stablecoin offerings. The decision was announced by Bo Hines, Tether’s US Operations Lead, at Korea Blockchain Week in Seoul.
Tether’s USDT to Follow GENIUS Act Regulations
Tether’s widely used USDT stablecoin will comply with the new GENIUS Act regulations. Bo Hines confirmed this during a press conference on Tuesday. He emphasized that Tether plans to meet the compliance standards outlined in the US legislation.
The GENIUS Act is a comprehensive regulatory framework for stablecoins in the United States. Tether’s move aims to foster closer collaboration with US financial institutions and regulators. Hines stated, “We expect the US to apply reciprocity to Tether International,” signaling Tether’s readiness to comply globally.
Tether’s efforts reflect its intention to expand its regulatory compliance while maintaining its international presence. Despite previous challenges, Tether believes the reciprocity clause in the GENIUS Act will support its global operations. This strategic approach is crucial as Tether continues to expand its reach in the US and worldwide markets.
USDT Will Follow GENIUS Act Reciprocity Clause
Tether has launched USAT, a new stablecoin explicitly designed for the US market. The company created USAT in response to the US government’s GENIUS Act. USAT will also comply with the standards established by the GENIUS Act, ensuring regulatory adherence within the United States.
Bo Hines, appointed to lead Tether’s US operations, played a key role in this transition. As a former Executive Director of the White House’s Digital Asset Advisory Committee, Hines brings expertise to Tether’s operations. He affirmed that both USDT and USAT will meet the same compliance standards under the new framework.
While USAT is focused on the US market, Tether is confident USDT will remain compliant. Hines highlighted that USDT would follow the GENIUS Act’s reciprocity clause. This will allow Tether’s global stablecoin to operate smoothly under US regulations.
