Bo Hines, the former Executive Director of the White House Crypto Council under President Donald Trump, has been named as CEO of Tether’s newly created U.S. unit, according to an announcement on Friday.
Hines, who was previously named as a “strategic advisor” for the largest stablecoin issuer, will oversee the rollout of Tether’s new stablecoin, USAT.
USAT is designed to be a U.S.-regulated, dollar-backed stablecoin and a complement to USDT, which has about $169 billion in circulation. The token will be issued by crypto infrastructure firm Anchorage Digital, while Cantor Fitzgerald will also play a role.
Hines noted the firm is working to launch USAT by the end of the year.
“The simultaneous introduction of both the token and CEO reflects Tether’s commitment to delivering a U.S.-regulated dollar-backed stablecoin backed by transparent reserves, strong governance, and American leadership from day one,” the company wrote in a press release.
Asked at a press conference on Friday, Tether Group CEO Paolo Ardoino confirmed that the company is not pursuing a public listing.
Tether is already one of the largest U.S. debt holders in the world, ranked as the 18th largest Treasury bond holder. The company achieved $13 billion in profits in 2024 and is reportedly on track “to be similarly positive in 2025.”
The USAT team will be based in Charlotte, North Carolina, Hines’ home state.
“Exchanges are important, but our focus will be reaching people, ensuring we reduce the number of intermediaries between us and our users,” Ardoino said, while also inviting U.S. financial institutions to work with the team on expanding the stablecoin’s reach.
This is a developing story and will be updated.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
