Tether-Backed USA₮ Shows Full Reserves in First Report by Anchorage Digital Bank N.A.

Anchorage Digital Bank on Saturday published the first reserve report for USA₮, the U.S.-focused dollar stablecoin issued in partnership with Tether, laying out the asset backing and operational safeguards for the new token and signaling an early push to set a transparency standard for on-shore digital dollars. The report, prepared under the American Institute of Certified Public Accountants’ 2025 Criteria for Stablecoin Reporting, gives a snapshot of reserves and circulation as of 11:59:59 p.m. UTC on January 31, 2026.

The numbers are tightly matched. According to the attestation, there were 17,501,391 USA₮ tokens outstanding on the reporting date, while reserve assets totaled $17,604,716, leaving the program with $103,325 more in reserves than tokens in circulation. Those figures, small in absolute terms compared with the broader stablecoin market but consequential as the first published attestation for USA₮, underline Anchorage’s intent to demonstrate one-for-one redeemability from day one.

Anchorage’s report says the reserve assets are held in segregated fiduciary trust accounts and consist primarily of U.S. dollar cash and overnight reverse repurchase agreements collateralized solely by U.S. Treasury securities, a conservative mix designed to maximize liquidity and minimize credit exposure. The bank reiterates that all issued USA₮ tokens are redeemable 1:1 in U.S. dollars under Anchorage’s terms, and that Anchorage Digital Bank operates under the supervision of the Office of the Comptroller of the Currency.

USA₮ Gains Early Adoption

The release comes as Tether and Anchorage seek to position USA₮ as a “made in America” digital dollar that blends Tether’s global stablecoin experience with Anchorage’s status as the first federally chartered crypto bank. Paolo Ardoino, Tether’s CEO, framed the attestation as a milestone in accountability and institutional readiness, saying USA₮’s early momentum shows strong demand for “a resilient, dollar-backed digital asset tailored to the U.S. market.” Bo Hines, CEO of Tether USA₮, called the report the start of a broader expansion as the teams build infrastructure to support the next generation of digital finance.

Anchorage’s leadership also emphasized why formal attestations matter if tokenized dollars are to become plumbing for institutional settlement. “If digital dollars are going to support institutional settlement at scale, the reporting standard has to reflect the regulatory perimeter they operate within,” said Nathan McCauley, Co-Founder and CEO of Anchorage Digital. He added that transparent attestations, reserve management, and oversight are what allow stablecoins to transition from crypto curiosities into core financial infrastructure that meets institutions’ expectations for safety, accountability and reliability, while still delivering the speed and programmability modern payments require.

Market uptake for USA₮ has been quick in pockets of the ecosystem. The report and related announcements note early use cases, including creator payouts, settlements and treasury operations on internet-native platforms such as Rumble Wallet and Whop, alongside listings and integrations with exchanges and marketplaces. That initial traction matters less for size today than for the signal it sends. A federally regulated, attested dollar token is being actively trialed in real payments flows within the U.S. digital economy.

Industry observers have been watching how AICPA’s 2025 Criteria for Stablecoin Reporting are applied in practice; Anchorage’s decision to publish an attestation aligned with the standard makes this an early test case for whether the guidance can deliver consistent, bank-grade transparency across issuers. For regulators, institutions and platforms exploring tokenized dollar rails, the report offers concrete details about backing assets, custody arrangements and governance that have often been the subject of debate since stablecoins rose to prominence.

The U.S. stablecoin landscape is taking shape under new regulatory frameworks and industry guidance. The first USA₮ reserve attestation is a clear signal that proponents are betting that rigorously documented, bank-issued digital dollars can win institutional trust. Whether that trust scales will depend on repeatable monthly attestations, how reserves are managed as volume grows, and whether market participants embrace token rails issued under U.S. banking supervision.