Tether, the world’s largest stablecoin issuer, is launching a new U.S.-focused digital currency, USAT, with an ambitious goal of reaching 100 million users and directly competing with established payment providers like PayPal.
The new stablecoin will be issued by Tether America, a joint venture between Tether and Anchorage Digital, with a launch targeted for December. USAT is designed to comply with the GENIUS law, a framework intended to integrate digital tokens more directly into global payment systems.
Paolo Ardoino, Tether’s CEO, confirmed the company’s aggressive target for 100 million U.S. users. This expansion strategy involves strategic investments in platforms that already boast a large user base.
One such investment is the $775 million Tether poured into the video network Rumble last year. Rumble currently has 51 million monthly active users in the United States.
Ardoino stated, “We are investing in two or three companies that could take that number from 51 million to 100 million.” These future investments are expected to target social media or similar content platforms, aiming to integrate USAT as a payment method within the creator economy.
The CEO believes the U.S. market requires “a more professional and digital approach to money.” He sees Tether’s existing community as a significant advantage, providing a built-in user base.
Ardoino added, “The beauty is that we already have a user base that would use that money in the economy… so the offering will be unbeatable.” He also noted that Tether “will start strong” and aims to “take market share from competitors who tried to destroy us in the past.”
This U.S. market entry comes amid a period of robust growth for fiat-backed digital assets. Tether’s flagship stablecoin, USDT, has seen its supply grow by one-third since the beginning of the year, reaching $182 billion. It commands a significant lead in the approximately $300 billion stablecoin market, with Circle’s USDC holding around $72 billion.
Beyond stablecoins, Tether has also experienced notable success with its gold-backed token, XAUT. The token, whose price hovers around $4,108.73, has seen its market capitalization more than triple this year to $2.2 billion.
Ardoino attributes XAUT’s growth to strong retail demand, particularly from investors in Central and South America, and Asia. He observed, “We see the retail public accumulating tokenized gold and quickly learning how it works.” Market makers are also reportedly using these tokens to sell on secondary markets, securing higher margins by operating alongside gold futures trading.