Ultrasonic transcutaneous energy transfer is an effective method for powering implanted devices noninvasively. Nevertheless, the amount of power harvested by the implanted receiver is sensitive to the distance and orientation of the external transmitting transducer attached to the skin with respect to the implanted receiving transducer. This paper describes an ultrasonic power transfer link whose harvested power is controlled by an inductive link. A small (5 μF) storage capacitor voltage, which is part of the implanted unit, is allowed to swing between 3.8 and 3.5 V using hysteretic control. The two control states are indicated by excitation (while the implanted storage capacitor voltage decreases) or the absence of excitation of an implanted coil that is magnetically coupled to an external coil attached to the skin surface. A 35 mW Ultrasonic Transcutaneous Energy Transfer link was fabricated using two piezoelectric transducers of equal size (Fuji Ceramics C-2 PZT disc 15 mm × 3 mm) operated at a vibration frequency of 720 kHz. By applying the proposed hysteretic control, the captured power was effectively regulated for implantation depths of up to 85 mm.