- USAT reserve report confirms $17.6 million in backing
- Anchorage attestation shows 0.6% excess reserves over supply
- Federal oversight positions USAT within U.S. regulatory framework
Anchorage Digital Bank has published the first reserve attestation for USAT, the federally regulated U.S. stablecoin introduced earlier this year. The report provides an early look at how the token is structured and backed. It also signals how Tether plans to operate within U.S. regulatory boundaries.
As of Jan. 31, 17,501,391 USAT tokens were in circulation. Reserves totaled $17,604,716 at the same date. That figure represents roughly 0.6% more assets than outstanding tokens. Consequently, the overcollateralization offers a small buffer above circulating supply. Reserve assets consisted of U.S. dollar cash and reverse repurchase agreements. Those agreements were collateralized by U.S. Treasury securities. Moreover, Anchorage held all assets in segregated fiduciary trust accounts. This structure aligns with regulatory expectations for capital protection and transparency.
USAT officially went live on Jan. 27. Anchorage Digital Bank issued the token directly under its federal banking charter. The Office of the Comptroller of the Currency supervises the bank. That framework distinguishes USAT from Tether’s flagship USDT, which is unavailable to U.S. customers.
Importantly, the attestation follows the passage of the GENIUS Act in July 2025. The law requires regulated stablecoins to hold high quality, short term reserve assets. Treasury bills and similar instruments now form the foundation for compliant issuers. Hence, USAT reflects a structure designed to meet those statutory requirements.
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Regulatory Structure Sets USAT Apart From USDT
Tether has positioned USAT as its U.S. compliant alternative to USDT. Instead of operating offshore, the company now leverages Anchorage’s federal oversight. Additionally, the segregated trust structure reinforces asset separation from corporate funds.
In a statement, Tether CEO Paolo Ardoino said the first reserve report reflects demand for a resilient dollar backed digital asset. He noted that the product specifically targets the U.S. market. Meanwhile, Anchorage CEO Nathan McCauley emphasized the need for transparent attestations. He added that institutional settlement requires bank level supervision and reporting standards.
The broader stablecoin market now approaches $300 billion in circulation. Tether’s USDT and Circle’s USDC continue to dominate supply. However, USAT introduces a different compliance model within the same ecosystem. Tether’s USAT CEO Bo Hines has said the issuer could rank among top buyers of U.S. Treasury bills this year. Growing demand for dollar backed tokens may drive that activity. Consequently, reserve disclosures may become a central factor in institutional adoption decisions.
The first USAT attestation outlines how a federally regulated stablecoin operates inside U.S. banking rules. By publishing reserve details early, Anchorage and Tether highlight compliance and asset transparency as core pillars of the token’s rollout strategy.
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