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Tether—USDTTether—USATTether—USDTTether—USATTether—

USAT

by TetherSV

DeployStage 4 of 5

Launched January 2026, issued by Anchorage Digital Bank.

Updated 5 Feb 2026Checked 25 Sep0 updates this week

Milestones

Next · US exchange and payment integrations
  1. USAT announcedSep 2025Complete.
  2. USAT launches in the US27 Jan 2026Complete.
  3. US exchange and payment integrationsNowCurrent milestone.

Most important updates

  • 5 Feb 2026
  • 27 Jan 2026
  • 12 Sep 2025

Current obstacles

  • Competing with USDC at homeUSAT enters a US market where USDC already sells through exchanges and banks.

Physics limits

  • Redemptions can outrun liquidityEven Treasury bills take time to sell. In a run, requests for dollars can arrive faster than reserves turn into cash, so pegs rest on liquidity, not just solvency.
  • Reserves are an off-chain factNo smart contract can check a custodian's books. Holders rely on monthly reports, examiners and auditors to know the backing exists.

How it works

3 parts
Cantor Fitzgerald's New York office at 499 Park Avenue: Cantor is custodian of USAT's cash and Treasury reserves
Cantor Fitzgerald's New York office at 499 Park Avenue: Cantor is custodian of USAT's cash and Treasury reservesPhoto: Ajay Suresh · CC BY 4.0 (opens commons.wikimedia.org)
Issuer

A US bank issues it

Anchorage Digital Bank, a federally chartered bank, issues and redeems USAT under the GENIUS Act; Tether supplies the brand and technology.

Reserves

Cash and short Treasuries

Reserves are held with Cantor Fitzgerald as custodian and, as the law requires, published monthly.

Separation

Separate from USDT

USAT runs on Tether's token technology but is a different token from offshore USDT, so US-regulated holders avoid offshore exposure.

Update log

3 updates

Thu 5 Feb

  • Minor: BlogFunding

Tue 27 Jan

  • Major: PressCommercial

Fri 12 Sep 2025

  • Major: BlogCommercial

About Tether

The team behind USAT

Tether

USDT stablecoin, USAT, Bitcoin mining

Issuer of USDT, the largest stablecoin, used heavily for trading and for access to dollars abroad. Based in El Salvador since 2025, it earns big profits on Treasury reserves. In Jan 2026 it launched USAT, a US-regulated stablecoin issued via Anchorage Digital Bank.

  • Reported more than $13B profit for 2024, mostly interest on US Treasuries.
  • Launched USAT for US users under the GENIUS Act in Jan 2026.
  • Sought to raise money at a ~$500B valuation in 2025-2026, later shrinking the raise.

tether.to (opens tether.to)Company profile →

Founded
201412 yrs
Headquarters
El Salvador
Status
Private
Valuation
private
Works in
CryptoStablecoins & payments
Coverage
2 programs · 11 updateslatest 3d agochecked 25 Sep
People
Paolo Ardoino (opens en.wikipedia.org)CEOBo Hines (opens en.wikipedia.org)CEO, USAT
Primer