USA₮, Tether’s U.S.-focused dollar stablecoin issued by Anchorage Digital Bank, remained above the $175 million circulation mark at the end of July while posting the largest reserve surplus in its short history. The latest independent reserve report, prepared under the AICPA’s 2025 criteria for asset-backed fiat-pegged tokens, shows 175,245,527 redeemable tokens outstanding as of 11:59:59 p.m. UTC on July 31.
Reserve assets stood at $175,906,606, leaving a surplus of $661,079—about 5 percent higher than the $628,518 cushion recorded a month earlier.
That surplus is modest in dollar terms, but it is the widest buffer published since the token went live in late January.
Circulation has now stayed above $175 million across two consecutive month-end snapshots.
Relative to the 17,501,391 tokens outstanding at the end of January, the float has grown roughly tenfold in six months.
After a steep ramp from January through June, July’s figures suggest the new scale is holding rather than reversing.
A modest net redemption of about 1.5 million tokens occurred during the month, yet the over-collateralization still widened.
The composition of the reserves is deliberately conservative. About $158.4 million, or 90 percent of the portfolio, sat in reverse repurchase agreements collateralized by US Treasury securities.
The remaining $17.5 million was held in cash.
All of those assets were kept in segregated, unencumbered fiduciary trust accounts for the benefit of token holders.
That mix is intended to keep the backing liquid, short-duration, and aligned with the standards expected of a federally supervised payment stablecoin.
USA₮ is issued by Anchorage Digital Bank, N.A., the first federally chartered digital-asset bank in the United States, in collaboration with Tether.
The structure is designed for the U.S. market and the federal framework created by the GENIUS Act, separate from Tether’s much larger global USDT product.
Tether CEO Paolo Ardoino framed the token as infrastructure for moving dollars on digital rails—payments, settlement, and new financial applications—rather than simply putting dollars on a blockchain.
Bo Hines, CEO of Tether USA₮, pointed to the second consecutive month above $175 million, federal banking oversight, and monthly reserve reporting as the foundation for institutional use across the American economy.
The July snapshot does not change the product’s still-small size next to the hundreds of billions in offshore dollar stablecoins.
What it does show is that a GENIUS-aligned token can keep a full cash-and-Treasury book, publish monthly attestations, and maintain a growing surplus while circulating at a level that is no longer experimental.
Demand so far has come from payments, settlements, treasury operations, and digital platforms looking for a dollar token issued through supervised US banking infrastructure. Whether that demand continues to compound will be clearer in the next few monthly reports.
