Bo Hines named CEO of Tether's new US arm as company unveils USAT stablecoin

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.