Tether Launches USA₮: How the U.S. Federal-Regulated Stablecoin Is Changing the Cryptocurrency Market Landscape

Global cryptocurrency giant Tether announces the official launch of USA₮, the first federally regulated USD-backed stablecoin in the United States. The total market capitalization of stablecoins has just surpassed $300 billion, becoming the cornerstone of on-chain financial ecosystems. Unlike Tether’s existing global stablecoin USDT, USA₮ is specifically developed to operate within a new federal stablecoin framework established in the United States under the GENIUS Act.

The Birth and Design Philosophy of USA₮

The issuer of USA₮ is Anchorage Digital Bank, N.A., which is the first federally regulated stablecoin issuer in the United States. This design provides USA₮ with a clear regulatory compliance framework from the outset.

Unlike traditional US dollars, USA₮ is not a legal tender and is not issued, supported, or guaranteed directly by the U.S. government. It also does not enjoy insurance coverage from the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC). Its core positioning is to provide a “digital dollar” operating within highly digitalized payment infrastructure in the U.S. Its reserves are managed by Cantor Fitzgerald as the designated custodian and preferred primary dealer, ensuring asset management security and transparency.

Market Background and Industry Position

According to Gate data, as of January 28, 2026, the total market cap of the global cryptocurrency market fluctuates around approximately $3.16 trillion. Among them, Bitcoin (BTC) is priced at about $88,900, with a market cap of $1.78 trillion, accounting for over half of the market share; Ethereum (ETH) is priced at about $3,002, with a market cap of approximately $353.7 billion, representing about 11% of the market share.

Stablecoins, as “cash equivalents” in the crypto market, have become one of the fastest-growing asset classes. CoinGecko data shows that Tether and Circle together control about 87% of the global stablecoin supply, with USDT accounting for about 62% and USDC about 25%. This data highlights the dominant position of USD-pegged stablecoins in the global digital economy and provides a mature market environment for the launch of USA₮.

Differentiation Between USA₮ and USDT

Although USA₮ and USDT both originate from the Tether ecosystem, they differ significantly in target markets, regulatory frameworks, and issuance models. Tether co-founder emphasized the unique positioning of USA₮, aiming to meet the growing demand for regulated digital dollars in the U.S.

This clear differentiation strategy allows Tether to serve both global markets and the regulated U.S. market simultaneously, maximizing its market share and influence.

Industry Impact and Price Correlation

The total market cap of stablecoins has surpassed the $300 billion mark, indicating that profit focus in the crypto market is shifting from traditional blockchain narratives to more cash-flow-oriented on-chain financial infrastructure. Stablecoin issuers have evolved from simple transaction media to genuine financial engines.

Industry executives’ forecasts for 2026 generally believe that stablecoins will gradually embed into the global financial system. Neura co-founder Tyler Sloan predicts: “By 2026, stablecoins will become the core settlement infrastructure for DeFi and the broader financial ecosystem.” Meanwhile, U.S. regulators are considering rules that may prohibit paying yields on stablecoins. However, analysts warn that such restrictions could push yield-seeking capital offshore or into more transparent synthetic dollar products.

User Impact and Market Opportunities

For U.S. institutions seeking regulated digital dollar solutions, USA₮ offers a new option. Its emergence enables enterprises to leverage blockchain technology within a compliant framework to improve payment efficiency and reduce transaction costs.

Fang Hong, President of a certain exchange, pointed out that stablecoins will appear in traditionally non-cryptocurrency-related scenarios by 2026, including corporate payments, fund management, B2B settlements, and daily financial operations.

From a trading perspective, the usage of stablecoins continued to grow in early 2026. In 2025, the trading volume of stablecoins reached approximately $33 trillion, further reinforcing the role of “digital dollars” in settlement. Market analysis indicates that U.S.-regulated exchanges and banking partners are actively preparing to support broad access to USA₮ within the U.S. financial ecosystem.

The launch of USA₮ marks a watershed: its market cap showed enormous absorption capacity on the day of release, while traditional USDT prices remain extremely stable globally, with volatility less than 0.1% over the past month. USD-pegged stablecoins’ position in the global settlement network is now unshakable. Tether and Circle jointly control over 87% of the market share, with their reserves of short-term U.S. Treasuries even exceeding those of sovereign nations like Germany and South Korea. The crypto market is undergoing a profound shift from “asset speculation” to “financial utility.” As the GENIUS Act framework is gradually implemented, regulated stablecoins like USA₮ could become the foundational settlement layer for future on-chain economies worth trillions of dollars.