51 Insights

51 Insights

CEO Notes

Tether just put on a suit

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Sangam Bharti's avatar
Marc Baumann and Sangam Bharti
Feb 11, 2026
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Hey, it’s Marc & 51 team,

For a decade, Tether (USD₮) was the “offshore casino chip,” massive, liquid, but operating in the regulatory shadows. Wall Street ignored it; regulators hunted it.

But on January 27, 2026, Tether launched USA₮, a federally chartered stablecoin backed 1:1 by short-term Treasuries, held at Anchorage Digital Bank, and custody by Ca…

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