Everyone is posting: “USDT is getting banned in the U.S.”

That’s an oversimplification.
Under the GENIUS Act, stablecoins listed on U.S. exchanges must be backed by cash and U.S. Treasuries only by July 2028.
Today, roughly 25% of USDT’s $184B+ reserves are still allocated to Bitcoin, precious metals, and secured lending assets that don’t meet those requirements.
If USDT doesn’t comply, it could be delisted from U.S.-regulated exchanges.
But you know what’s more interesting.
Instead of fundamentally changing USDT, Tether appears to be building USAT, a separate GENIUS-compliant stablecoin issued through Anchorage Digital Bank and reportedly designed specifically for the U.S. market.
That would allow
- $USDT to continue serving global markets.
- $USAT to meet U.S. regulatory requirements.
One company with two stablecoins.
Two different regulatory paths.
This is all about how the world’s largest stablecoin issuer adapts to two different regulatory environments.
That could become the blueprint for the rest of the crypto industry.