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Tether’s stablecoin USAT, launched for the U.S. market, is a separate token from USDT with a different issuer and legal liability structure, U.S. crypto lawyer Kelman Law said, according to Bitcoin.com.
Bitcoin.com said Anchorage Digital Bank, a federally chartered U.S. bank, is the sole issuer of USAT, while Tether supports the token’s technology, branding, distribution and strategy. Cantor Fitzgerald was designated as the reserve custodian and a primary dealer, the outlet said.
The outlet explained that USAT was designed to align with the GENIUS Act, a U.S. stablecoin bill, but has not yet received issuance approval. It added that the issuer regulatory framework under the GENIUS Act is scheduled to take effect on Jan. 18, and that the U.S. Office of the Comptroller of the Currency had not yet opened the related application process as of Oct. 27, 2026.