Tether Launches USAT Stablecoin on Rumble's 51M User Base
Tether, the company behind the world's largest stablecoin, USDT, has partnered with Rumble, a popular video platform, to launch USAT, a new stablecoin designed for U.S. markets. The announcement was made by Tether's CEO, Paolo Ardoino, at TOKEN2049 in Singapore.
Tether's strategy is to reenter the U.S. stablecoin sector under new legislation, with USAT being a key part of this plan. The stablecoin is designed to meet U.S. federal stablecoin rules under the GENIUS Act. To drive USAT's adoption, Tether has invested $775 million in Rumble, securing a 48% stake in the company. This partnership will allow USAT to reach Rumble's established user base, which numbers 51 million monthly active users.
Rumble will integrate a wallet offering USAT access to its users. This move could influence other stablecoin issuers' distribution strategies, given the success of the Rumble integration. Tether faces competition from Circle's USDC in the U.S. stablecoin market, making this partnership a strategic move to gain a competitive edge. The CEO of Rumble, Chris Pavlovski, will work alongside Tether to promote USAT in the USA.
The success of USAT will depend on regulatory scrutiny and audits, which are crucial for its acceptance in the U.S. market. Tether's partnership with Rumble is a significant step towards reentering the U.S. stablecoin sector and expanding its user base. The integration of USAT on Rumble's platform could set a precedent for other stablecoin issuers looking to expand their reach.
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