Tether Holdings SA, the company behind the world’s most traded cryptocurrency, is bringing its digital dollar home, unveiling a US-regulated stablecoin and appointing Bo Hines, a former White House crypto official, to lead the effort.

The token will be launched in partnership with Cantor Fitzgerald LP and Anchorage Digital Bank NA, El Salvador-based Tether said in an announcement Friday. The project is designed to be compliant with the Genius Act, legislation passed earlier this year that outlined federal rules for stablecoins, though it’s early days for the regulatory regime.

Stablecoins are cryptocurrencies meant to maintain a steady value, typically pegged to the US dollar through reserves of cash or other assets. The new law restricts what those reserves can include, forcing Tether to create a separate American token.

The token, known by its ticker USAT, will be issued by Anchorage. Cantor, which already manages the reserves of Tether’s mainstay $170 billion USDT token, will do the same for the new coin. The effort behind USAT is being headquartered in Charlotte, North Carolina, Hines announced at a launch event for the token in New York. Hines, 30, twice ran for Congress in his native North Carolina, but did not win.

“Our message to potential partners out here is, let’s do business together. Let’s work together. Let’s find a way to revolutionize this system, and let’s do it quickly,” Hines said. “I think our expansion will be exorbitant over the course of the next 12 to 24 months. I’m not shy in saying this, we want to dominate, but we want to dominate for the US and we want to help people in doing so.”

USDT is the most widely traded cryptocurrency, with roughly $90 billion in daily transactions. Much of its backing comes from short-term Treasuries and other cash equivalents, but Tether also relies on Bitcoin, secured loans and precious metals — assets not permitted under the Genius Act. That distinction makes a US-compliant version a prerequisite for regulatory approval.

The move extends Tether’s reach in the US, several years after it stopped serving American customers directly and paid a $41 million fine to settle allegations it misrepresented its reserves.

It also highlights a political shift. Under President Donald Trump, whose administration has taken a friendlier posture toward digital assets, regulators have paused or dropped several enforcement cases against crypto firms. In August, Tether named Hines to spearhead its US expansion.

Read More: Tether Taps Ex-White House Crypto Advisor Hines for US Expansion

At the launch event, guests sipped detox juices and were invited to pick up Tether merchandise in red, white and blue. Among those spotted in attendance were Apollo Global Management Inc.’s Christine Moy, ARK Investment Management LLC’s Cathie Wood and Paradigm co-founder Matt Huang.

Asked whether Tether would seek its own charter, Tether Chief Executive Officer Paolo Ardoino said the company had opted to rely on partners like Cantor and Anchorage, the latter of which holds an OCC charter.

Stablecoins have so far been used largely within crypto markets, but the passage of the Genius Act is expected to accelerate their expansion into payments and money transfers. Firms including Stripe Inc., Visa Inc. and PayPal Holdings Inc. are already experimenting. Advocates argue that tighter regulation could pave the way for banks and technology companies to issue their own versions.

The move will likely increase competition for Tether’s closest rival Circle Internet Group Inc., which issues the second-largest stablecoin USDC. New York-based Circle, which went went public in June, has relied historically on its compliance with US rules and suite of global regulatory licenses to give it an edge among institutional crypto adopters.

–By Emily Nicolle and Muyao Shen (Bloomberg)