Don’t look now but an overseas crypto colossus has just strode onto America’s shores. I’m talking, of course, about Tether. For over a decade, the wildcat stablecoin firm operated as a global nomad before announcing in January it would set up a physical headquarters in El Salvador. Then, on Friday, founder Paolo Ardoino turned up in New York City to announce Tether would be launching a new U.S.-compliant stablecoin called USAT.

It’s a remarkable turnabout. For years, Tether was viewed as an outlaw that turned a blind eye to criminals who used its USDT stablecoin to launder profits, and to facilitate pig-butchering and other scams. Now, the company is in the tent with other respectable crypto companies. The CEO of its U.S. entity is none other than Bo Hines, the 30-year-old former Yale w

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