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Crypto company Tether, the creator of the world's largest stablecoin, plans to launch a U.S.-based stablecoin designed for U.S. residents called USAT, the company's CEO Paolo Ardoino said on Friday. Former White House official Bo Hines will be the CEO of the new venture, which aims to launch by the end of the year.
“I think it’s a very exciting moment because we were under severe pressure from competitors that want to create a monopolistic environment in the United States,” Ardoino said. “We believe that Tether is the best product in the market."
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