I just had a very interesting conversation with Bo Hines, CEO of Tether USAT, and there’s some important stuff about the future of stablecoins in the US. The guy worked at the White House helping to shape American cryptocurrency policy, so he knows what he’s talking about.

First, the context: they passed the Genius Act in July of last year, which opened the door for proper regulation of stablecoins. Now they’re focused on the Clarity Act, which Bo believes has an 80 to 90% chance of passing. According to him, it’s the last piece of the puzzle. People are discussing yields a lot, but Bo has an interesting point: it’s not about yield competition, it’s about the user experience itself. Banks are realizing that stablecoins are a reality, and integration is starting.

Regarding USAT specifically: Tether launched this product as an American stablecoin that follows the standards of the Genius Act, aimed at institutions. It has 530 million global users, growing by 30 million per quarter. Profits of $10 billion in 2025 with only 300 employees. Yes, Tether is also the 13th largest gold holder in the world and the 17th largest holder of US Treasury bonds.

Now, what is USDT? It’s the international version, issued by Tether. USAT is issued by Anchory Digital Bank, a fully regulated American bank. Reserves are separate, but the idea is for users to experience a seamless transition between the two. Basically, it’s the same concept but with different regulatory structures.

The point I found most relevant: transfers within the US are still inefficient. American payment channels are 95% more expensive than the rest of the world, with time restrictions. Stablecoins change this completely. You go from T+2 or T+1 to T+0 settlement. Banks in South Korea can participate in US financial markets on Friday night. For international remittances, imagine paying salaries directly in stablecoin, with 10% automatically going to Latin America.

Tether is developing the WDK (Wallet Development Kit) because they believe that in the next 5 to 10 years, there will be a major integration of public blockchains and stablecoins. They want to control customer entry channels and bundle financial services into wallets.

About Bitcoin: Tether is very much a maximalist. Bitcoin is part of their reserves; they’re involved in mining, trading, and building the ecosystem. They see stablecoins as an entry point — people start with on-chain transfers, then migrate to Bitcoin as their main investment asset. With the Genius Law popularizing stablecoins, mass adoption is really beginning.

What caught my attention is that Bo sees privacy as the biggest future challenge. Users want it, but regulation must be met. Balancing technology with data protection will be an important theme in the coming years.

Basically, what’s happening is a transformation of the American financial infrastructure through stablecoins. It’s not just about digital currency; it’s about reducing costs, speeding up settlement, and opening markets. Tether and USAT are well positioned in the middle of this change.