What is USAT, Tether's US stablecoin?

USAT, written by Tether as USA₮, is a dollar-backed stablecoin made for use in the United States. Tether announced its launch on January 27, 2026, with Anchorage Digital Bank as the legal issuer. It sits alongside Tether's much older USDT rather than replacing it.

Who issues USAT, Tether or Anchorage?

Both Tether and Anchorage Digital state plainly that the issuer is Anchorage Digital Bank, N.A. Anchorage describes itself as the first federally chartered crypto bank in the US, overseen by the Office of the Comptroller of the Currency. Tether Operations, the company behind USDT, supports the product but is not its issuer.

Tether's announcement names Bo Hines, a former executive director of the White House crypto council, as CEO of Tether USA₮. It also names Cantor Fitzgerald as the reserve custodian and preferred primary dealer.

What is the difference between USDT and USAT?

USDT is Tether's global stablecoin, covered in our USDT vs USDC guide. USAT is a separate token issued through a US nationally chartered bank and aimed at US users and institutions. Tether says USDT continues to operate worldwide and is progressing toward GENIUS Act compliance on its own track.

At launch, Tether listed Bybit, Crypto.com, Kraken, OKX and MoonPay as the first places US users could access USAT, with more regulated partners planned.

USAT's own disclosures say the token is not legal tender, is not backed by the US government and is not covered by FDIC or SIPC insurance.

How is USAT tied to the GENIUS Act?

The GENIUS Act, signed on July 18, 2025, created a federal framework for payment stablecoins. According to the Congressional Research Service, it requires issuers to hold at least one dollar of permitted reserves, such as cash, insured deposits, short-dated Treasury bills and Treasury-backed repos, for each dollar of stablecoins. It also sets rules for foreign issuers whose coins trade in the US. Tether says USAT is designed to operate within this framework. Read more in what the GENIUS Act is.

What backs USAT?

USAT publishes monthly reserve reports. The first, dated February 28, 2026, said reserves were US dollar cash and reverse repurchase agreements backed only by US Treasuries, held in segregated trust accounts, and that tokens are redeemable one to one in dollars under the bank's terms. By the end of April 2026, the report showed about 140.9 million tokens outstanding, with reserves slightly above that amount.

Supply and partners can change quickly, so check the latest reserve report for current figures as of November 2026.