USAT

Tether built USAT as its regulated foothold in the United States, a dollar token kept separate from the globally dominant USDT and shaped to fit the GENIUS Act that Congress passed in 2025. It launched in January 2026 as an Ethereum token issued not by Tether itself but by Anchorage Digital Bank, a federally chartered institution supervised by the Office of the Comptroller of the Currency, with Cantor Fitzgerald named as reserve custodian and primary dealer. Each token is meant to be covered one-for-one by cash and short-term US government debt. Redemption runs through the bank rather than the open market: only clients who hold an account with Anchorage Digital Bank in good standing can mint or redeem at par, so ordinary holders acquire and exit USAT on exchanges. The design trades Tether's offshore reach for onshore legal standing.