Anchorage Digital Bank has released the first reserve attestation for USAT, Tether’s federally regulated United States stablecoin, revealing 17.6 million dollars in assets backing the token as of January 31. The disclosure provides an early transparency benchmark for the newly launched dollar backed digital asset operating within the American regulatory framework.
According to the attestation, 17,501,391 USAT tokens were outstanding at the end of January, supported by 17,604,716 dollars in reserves. The figures indicate that reserves exceeded tokens in circulation by roughly 0.6 percent, maintaining a slight overcollateralization buffer designed to reinforce confidence in redemption stability.
The reserve assets consist of United States dollar cash and reverse repurchase agreements collateralized by United States Treasury securities. These holdings are maintained in segregated fiduciary trust accounts under bank level supervision. The structure aligns with regulatory requirements introduced under the GENIUS Act, passed in July 2025, which mandates that federally regulated stablecoins maintain high quality and short term reserve assets.
USAT officially went live on January 27 and is issued directly by Anchorage Digital Bank. The institution operates under the supervision of the Office of the Comptroller of the Currency, positioning USAT differently from Tether’s flagship USDT token, which is not legally available to United States retail customers. By leveraging Anchorage’s federal banking charter, Tether has established a compliant onshore alternative aimed at institutional and regulated market participants.
Executives from both organizations emphasized the importance of transparency in supporting the next phase of stablecoin adoption. Tether Chief Executive Officer Paolo Ardoino stated that the release of the reserve report reflects demand for a resilient dollar backed digital asset tailored specifically to the United States market. Anchorage Chief Executive Officer Nathan McCauley highlighted that transparent attestations combined with bank level oversight are critical if tokenized dollars are to support institutional settlement infrastructure at scale.
While USAT remains small compared to USDT’s approximately 184 billion dollar market capitalization, its regulatory positioning signals a strategic expansion of Tether’s presence within the United States. The broader stablecoin market is approaching 300 billion dollars in circulation, dominated by USDT and USDC, as digital dollar adoption accelerates across exchanges, payment platforms, and tokenized asset ecosystems.
USAT leadership has indicated that rising demand for regulated dollar backed tokens could translate into substantial purchases of United States Treasury bills. If issuance scales significantly, Tether could become one of the larger institutional buyers of short term government debt instruments, further linking stablecoin growth with traditional financial markets and federal liquidity channels.
