Stablecoins After the GENIUS Act, Part 2: Bo Hines, USAT, and Tether’s US Strategy

Law and Ledger is a news segment focusing on crypto legal news, brought to you by Kelman Law – A law firm focused on digital asset commerce. Tether’s launch of USA₮—often written as USAT—offers an early case study in how a global stablecoin company may approach the United States under the GENIUS Act. Instead of using its established USDT issuer to launch the new token, Tether collaborated with a federally chartered U.S. bank to issue a separate product for the American market. That structure illustrates an important lesson for any business entering the stablecoin sector: the company supplying a brand, technology, distribution network, or executive leadership may not be the token’s legal issuer. Regulatory responsibility depends on the actual allocation of issuance, redemption, reserve, compliance, and governance functions.

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