During Token2049 Singapore, one of the most eagerly awaited conversations was the inaugural panel on USAT, Tether’s new stablecoin initiative targeted at the U.S. market. Led by Jesse Spiro (Tether, Head of Government Affairs), the discussion included Tether CEO Paolo Ardoino, USAT CEO Bo Hines, Brandon L. Ittnick (Chairman of Cantor Fitzgerald), and Nathan McCauley (CEO of Anchorage Digital). This was the first occasion this group convened publicly to present the plan for Tether’s expansion in the U.S.
A turning point for Tether
Jesse Spiro began by referring to a “unique opportunity,” emphasizing that this panel represented not just an announcement but a shared revelation of Tether’s strategy to re-enter the U.S. market following its exit in 2021.
Ardoino highlighted Tether’s dual-stablecoin vision:
“Many people ask me, why do you have two stablecoins, USDT and now USAT? The reason is simple. USDT is designed for emerging markets, where financial rails are 10–40% efficient. But in the U.S., where efficiency is 90%, you need a different product.”
He framed USDT as the “digital dollar for 500 million individuals,” especially in nations such as Argentina, Nigeria, and Vietnam, whereas USAT is designed for the U.S. digital economy. He mentioned collaborations with platforms like Grumble, boasting 51 million monthly users, as pivotal for crypto onboarding:
“That alone will be one of the biggest onboardings into crypto in the history of our industry.”
Regulatory Shift in Washington
USAT’s CEO, Bo Hines formerly at the White House emphasized the political sea change enabling this launch:
“Most founders in the U.S. were basically victims of policymaking persecution. That’s how the law was established under the prior administration. But Operation Chokepoint has been eradicated, and barriers no longer exist.”
Hines framed USAT as both an institutional product and a retail innovation:
“This is the first fully licensed stable product in the United States. It gives banks tremendous optionality in terms of how they offer it to customers, and it will revolutionize settlement.”
He predicted that U.S. stablecoin adoption could lift efficiency from 90% to 98%, while also creating “seamless corridors” with emerging markets.
Strategic partnerships: Cantor & anchorage
Brandon L. Ittnick of Cantor Fitzgerald underscored his firm’s role as custodian for USAT:
“We really saw the future during COVID when we met Paolo and the Tether team. We were blown away by the real-world use case of stablecoins.”
He called USAT “the next evolution” of Cantor’s longstanding support for Tether.
Anchorage CEO Nathan McCauley highlighted the alignment between Tether’s vision and U.S. financial modernization:
“Stablecoins are a fundamental investment in money itself… The opportunity to apply the instant, global settlement model of Bitcoin to the dollar is profound.”
McCauley praised the Genius Act, which passed with bipartisan support:
“There is consensus in Washington now that stablecoins are good for the U.S. dollar and that gives us a long runway to build confidently.”
Looking forward
Panelists were bullish on adoption timelines. Ardoino projected that USAT could reach $100B in circulation within five years, driven by institutional rails, retail wallets, and even AI-driven agents transacting at scale.
Hines was more direct:
“I think adoption will be immediate. Given the partnerships on this stage, I don’t see any barriers.”
The session closed with optimism for Charlotte, North Carolina where Tether will open its first U.S. office as a new hub for digital finance.
As Spiro summarized:
“There’s no greater public-private partnership than the U.S. government and Tether. USAT is going to power consumers, institutions, and the dollar itself into the next era of digital assets.”