Earlier this year, Tether, in partnership with Anchorage Digital, announced a new dollar-based payment stablecoin, USA₮. The stablecoin is designed to be compliant with the GENIUS Act and thus provides an alternative to Tether’s lead stablecoin, USDT, in the US market.
Today, Tether and Anchorage are releasing their first reserve report pertaining to USA₮, reporting that reserve assets totaled $17,604,716, exceeding stablecoins outstanding by $103,325.
The report states that reserve assets consisted of US dollar cash and reverse repurchase agreements collateralized solely by US Treasury securities. The assets are held in segregated fiduciary trust accounts and redeemable 1:1 in U.S. dollars.
Paolo Ardoino, CEO of Tether, commented on early adoption of USA₮ describing usage as indicating strong demand.
“By releasing the first reserve report, Anchorage Digital Bank is establishing a clear standard of accountability and financial strength. We intend to help define the next chapter of digital dollars in the United States.”
Nathan McCauley, co-founder and CEO of Anchorage Digital, said, transparent attestations, clear reserve management, and oversight are what allow stablecoins to become core financial infrastructure.
“This report demonstrates that tokenized dollars can meet the expectations institutions already have for safety, accountability, and reliability, while delivering the speed and programmability that modern payments require.”
In the early days of Tether, it struggled with compliance in the opaque regulatory environment, prompting some to question the stablecoin. By partnering with a federally chartered bank, Tether can squarely put that behind it while providing a service for US customers that is compliant under the law. Still, competition is growing, and USDT dominates the global stablecoin market, with a market cap of over $183 billion.
The attestation is viewable here.