This year, Tether rolled out USAT — launched with U.S. standards in mind and issued through U.S. banking partner Anchorage Digital. So far, it remains at a relatively low level of usage.

“Non-compliant stablecoins cannot be used by U.S. institutions when the safe harbor expires in 2028, but we don’t expect the market to wait,” said Kevin Wysocki, head of policy at Anchorage Digital, the crypto-native bank that manages a number of stablecoins. He said the company believes institutional users will move toward “compliant, bank-issued digital dollars well ahead of that deadline.”

Do they have two years?

GENIUS included a three-year grace period for compliance, and two years remain, after which U.S. crypto platforms won’t be able to…