Anchorage Digital Bank has released the first reserve attestation for USAT, Tether’s federally regulated U.S. stablecoin launched earlier this year, showing $17.6 million in assets backing the token as of Jan. 31.
The report shows 17,501,391 USAT outstanding, backed by $17,604,716 in reserves, roughly 0.6% more than tokens in circulation.
The reserve assets consisted of U.S. dollar cash and reverse repurchase agreements collateralized by U.S. Treasury securities, held in segregated fiduciary trust accounts.
USAT went live on Jan. 27, issued directly by Anchorage Digital Bank, which operates under the supervision of the Office of the Comptroller of the Currency, distinguishing it from Tether’s flagship USDT token, which is not legally available to U.S. customers.
The attestation marks an early transparency milestone for USAT, which was launched following the passage of the GENIUS Act in July 2025, requiring regulated stablecoins to maintain high-quality, short-term reserve assets such as Treasury bills. Tether has positioned USAT as its U.S.-compliant alternative to USDT, leaning on Anchorage’s federal banking charter to operate inside the American regulatory perimeter.
In a statement, Tether CEO Paolo Ardoino said the release of the first reserve report signals demand for a “resilient, dollar-backed digital asset tailored to the U.S. market.” Anchorage CEO Nathan McCauley added that transparent attestations and bank-level oversight are necessary if tokenized dollars are to support institutional settlement at scale.
The broader stablecoin market is approaching $300 billion in circulation according to The Block’s stablecoin data, dominated by Tether’s USDT and Circle’s USDC. Tether’s USAT CEO Bo Hines has said it could become one of the top buyers of U.S. Treasury bills this year as demand for its dollar-backed tokens grows.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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