<\/p>\n
The launch comes as the U.S. stablecoin market expands under new regulatory clarity.<\/p>\n
Stablecoin-issuer Tether unveiled a new stablecoin for American users, dubbed USAT, during an event in New York City on Friday, Sept. 12.<\/p>\n
The coin will be U.S.-regulated and pegged 1:1 to the U.S. dollar, and was announced alongside news that Bo Hines will serve as Tether USAT\u2019s future Chief Executive Officer.<\/p>\n
The motive behind the decision is to bring stablecoins to the most prominent financial market in the world, the U.S., said Tether CEO Paolo Ardoino. Tether is the issuer of the world\u2019s largest stablecoin, USDT, which currently commands a 58% market share with a market cap of $169 billion.<\/p>\n
The move comes amid a stablecoin boom, which has boosted the sector\u2019s total market capitalization to $287 billion as of today from $208 billion at the start of the year. <\/p>\n
\u201cFor over a decade, Tether \u2013 as the creator of the stablecoin industry \u2013 has issued USDT, the backbone of the digital economy, and today the U.S dollar stablecoin for hundreds of millions of underserved people living in emerging markets, proving that digital assets can deliver trust, resilience, and freedom on a global scale,\u201d said Paolo Ardoino, CEO of Tether, per a press release.<\/p>\n