SS #31 - Tether Launches U.S.-Regulated Stablecoin USAT

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Good Morning.

Wow, unexpected news from Tether. Tether has unveiled USAT, a U.S.-regulated, dollar-backed stablecoin, and appointed a former White House Crypto Council director to lead the initiative. The stablecoin race is heating up as the industry prepares for Q4 2025.

Meanwhile, the long-running USDH saga has finally concluded, and stablecoins in the Ethereum ecosystem have reached a new all-time high in supply. There may be no holidays for stablecoins, but StableScope will continue delivering the latest updates straight to your inbox.

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In Today's Edition:

• Headline: Tether Launches U.S.-Regulated Stablecoin USAT

• Quick Bites: Native Markets Team Wins Hyperliquid USDH Stablecoin Bid

• Yield of the Week: 26.62% APY on IPOR Labs

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HEADLINE

Tether Launches U.S.-Regulated Stablecoin USAT

State of play: Tether announced the launch of USAT, a U.S.-regulated dollar-backed stablecoin, marking its first step into the American regulatory landscape.

• USAT will be issued by Anchorage Digital, with reserves managed by Cantor Fitzgerald.

• Bo Hines, former White House Crypto Council director, will lead Tether’s U.S. division.

• Tether is positioning itself to compete directly with Circle, Paxos, and Ripple under the framework of the new GENIUS Act.

What’s Next: USAT’s debut later this year will likely intensify competition in the U.S. stablecoin market and position Tether to attract institutional users seeking compliance-ready digital dollars.

Why it Matters: This marks a turning point for Tether, which has long faced transparency concerns. By embracing regulation, it signals stablecoin growing role in mainstream finance and payments.

Our Take: USAT could help Tether protect its dominance while gaining credibility in U.S. markets.

QUICK BITES

• MetaMask's mUSD stablecoin goes live.

• Ethereum stablecoin supply hits record $166B.

• Bank of England plans to cap systemic stablecoin holdings.

• Native Markets team wins Hyperliquid USDH stablecoin bid.

• French Hill says market structure effort should tweak GENIUS.

• Tether’s ‘hedge-and-expand’ US strategy puts Circle on defense in market shake-up.

• Coinbase policy chief pushes back on bank warnings that stablecoins threaten deposits.

• World Liberty Financial votes on buyback-and-burn plan using protocol liquidity fees.

• Native Markets heavily favored on Polymarket to win bid to issue Hyperliquid's USDH stablecoin.

YIELD OF THE WEEK

IPOR Labs Strata-Money PTs looping Ethereum: 26.62% APY

•  IPOR Labs’s Strata PTs Leveraged Ethereum Vault by MEV Capital uses a looping strategy on Pendle PT yield to enhance returns, supported by stablecoin borrowing at lower costs.

• The majority of the vault’s assets are allocated to Morpho’s PT-pUSDe-16OCT2025 / USDC vault.

• The vault charges a 0.5% management fee, a 10% performance fee, and a 0.1% request fee. The current APY is 30.14% and 26.62% after fees.

Dolomite Looped srUSD: 17.72%-41.32% APY

• Dolomite’s strategy uses srUSD as collateral to borrow USDC, which is then swapped back into srUSD in a looping process.

• It is designed to remain delta-neutral since both the collateral and debt are USD-correlated.

• Leverage ranges from 2x to 7x and is available on Berachain.

Euler Re7 Hyperwave USDC: 16% APY

• The Re7 Hyperwave vault on Euler allows users to deposit USDC managed by Re7 Labs.

• Deposited USDC can be borrowed and used as collateral across other Re7 Hyperwave vaults, including USDC, USDT, hwHLP, and PT-hwHLP-25Sep2025.

• The vault can also be borrowed for use within Euler Prime for USDC and USDT positions.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.