Anchorage Digital and Tether Release First USAT Stablecoin Reserve Report

Tether’s U.S. Stablecoin USAT Posts Overcollateralized Reserves in First Report

Anchorage Digital Bank, a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency (OCC), published the first USAT reserve report under the American Institute of Certified Public Accountants’ 2025 criteria for stablecoin reporting. The report is dated Feb. 27 and reflects balances as of 11:59:59 p.m. UTC on Jan. 31.

As of that cutoff, 17,501,391 USAT tokens were outstanding. Total reserve assets stood at $17,604,716, exceeding tokens outstanding by $103,325, the report notes.

An independent accountant examined management’s assertion that the reserve report was prepared in accordance with AICPA criteria and concluded it was fairly stated, in all material respects. The engagement was conducted under AICPA attestation standards.

The reserve composition is straightforward: $3,654,716 in cash and $13,950,000 in reverse repurchase agreements collateralized solely by U.S. Treasury securities, bringing total reserves to $17,604,716. All issued USAT tokens are redeemable 1:1 in U.S. dollars under the bank’s stated terms.

The cash is held in accounts at FDIC-insured banks and SIPC-insured broker-dealers in the United States. The reverse repurchase agreement listed in the report carried a short maturity window, beginning Jan. 30 and ending Feb. 2, 2026, and was backed by U.S. Treasury securities at fair value.

The report confirms that all issued tokens were redeemable and that there were no temporary or permanent nonredeemable tokens outstanding. After accounting for timing differences and token balances, the report reflects a surplus of $103,325.

USAT is issued directly by Anchorage Digital Bank, positioning it as a federally supervised, U.S.-regulated dollar-backed digital asset. The project pairs Tether’s global stablecoin experience with Anchorage’s banking charter and regulatory oversight.

“USAT’s early momentum signals strong demand for a resilient, dollar-backed digital asset tailored to the U.S. market,” Paolo Ardoino, the CEO of Tether, remarked. He said the release of the first reserve report is intended to establish a clear standard of accountability and financial strength.

Bo Hines, CEO of Tether USAT, described the report as the beginning of broader expansion as infrastructure is built to support digital finance use cases, including creator payouts, settlements, and treasury operations. Nathan McCauley, co-founder and CEO of Anchorage Digital, explained that transparent attestations and clear reserve management are essential if tokenized dollars are to support institutional settlement at scale within the existing U.S. banking framework.

The timing is notable. Stablecoins remain under intense scrutiny in Washington, with lawmakers and banks debating federal frameworks like the GENIUS Act for dollar-backed tokens and regulators focusing on reserve transparency, redemption rights and risk management. In that environment, publishing a detailed reserve breakdown under formal accounting criteria sends a deliberate message: this product is built to sit inside the regulatory perimeter, not outside it.

At the same time, USAT is quite tiny compared to pre-existing stablecoin behemoths like Tether’s product USDT and Circle‘s USDC. USAT’s market cap represents 0.0055016181% of the $309 billion stablecoin market today. Defillama.com metrics place USAT in the 98th position in terms of all the stablecoins by market cap.

FAQ 🔎

• What is USAT?
  USAT is a U.S. dollar-pegged stablecoin issued by Anchorage Digital Bank under federal banking supervision.
• How many USAT tokens were outstanding on Jan. 31, 2026?
  There were 17,501,391 redeemable tokens outstanding as of 11:59:59 p.m. UTC.
• What assets back USAT reserves?
  Reserves consist of U.S. dollar cash and reverse repurchase agreements collateralized solely by U.S. Treasury securities.
• Did reserves fully cover tokens outstanding?
  Yes, reserve assets exceeded tokens outstanding by $103,325 according to the Jan. 31 report.