Today, Tether announced that its USAT stablecoin – designed specifically to comply with the GENIUS Act – is expanding to the Celo blockchain.
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New Deployment: USAT is now available on the Celo, an Ethereum L2 scaling solution focused on attracting real-world payments use cases. This deployment marks the GENIUS Act-compliant stablecoin’s first expansion beyond the Ethereum L1.
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Powerful Partnership: The launch also introduces new distribution pathways for USAT. In collaboration with Self and Google Cloud, a mainnet faucet will enable verified users to access USAT through a privacy-preserving proof-of-humanity system.
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Compliant Alternative: Unlike Tether’s flagship USDT stablecoin (which is only partially reserved by risk-free dollar investments and fails to comply with other chapters of the GENIUS Act), USAT is designed for compliance. Reserves are custodied by Anchorage Digital, a federally registered national trust bank, and monthly reserve attestations are supplied by Deloitte, in accordance with American Institute of Certified Public Accountants (AICPA) standards.
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Transparency Push: Last week, Tether announced that it had, “entered a formal engagement with a Big Four accounting firm to complete its first full independent financial statement audit.” Reporting from the Financial Times subsequently identified the unnamed auditor as KPMG, with pre-audit preparation provided by PwC.
