Tether, the company behind the world’s most popular stablecoin, USDT, unveiled a U.S.-regulated, dollar-backed token called USAT and appointed Bo Hines as head of its American division.

Anchorage Digital, a federally regulated crypto bank, will serve as the token’s issuer, while Cantor Fitzgerald will manage the reserves. The token will debut later this year, Tether CEO Paolo Ardoino said on stage at event in New York on Friday.

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