USAT becomes first bank-issued stablecoin to publish AICPA-verified reserves

Anchorage Digital Bank and Tether released the first audited reserve report for USAT on Feb. 27, marking the debut of a bank-issued stablecoin backed by federal oversight and third-party attestation.

The $17.6 million in reserves—held in cash and Treasury-backed repurchase agreements—signal how regulated financial institutions may compete in stablecoins while satisfying policy demands for transparency.

Anchorage Digital Bank, a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency (OCC), published the USAT stablecoin reserve report under the American Institute of Certified Public Accountants’ (AICPA) 2025 criteria for stablecoin reporting.

An independent accountant examined management’s assertion that the USAT stablecoin reserve statement was prepared in accordance with AICPA criteria and concluded it was fairly stated, in all material respects, under AICPA attestation standards.

The reserve composition is limited to dollar-denominated assets: $3,654,716 in cash and $13,950,000 in reverse repurchase agreements collateralized solely by U.S. Treasury securities. According to the USAT stablecoin reserve filing, all issued tokens are redeemable 1:1 in U.S. dollars under the bank’s stated terms, with no temporary or permanent nonredeemable tokens outstanding.

Breakdown of the USAT stablecoin reserve assets

The USAT stablecoin reserve structure reflects a conservative asset mix. Cash holdings are maintained at FDIC-insured banks and SIPC-insured broker-dealers within the United States. The reverse repurchase agreement included in the USAT stablecoin reserve report carried a short maturity window, beginning Jan. 30 and ending Feb. 2, 2026, and was backed by U.S. Treasury securities recorded at fair value.

After accounting for token balances and timing differences, the USAT stablecoin reserve shows a modest overcollateralization of $103,325. The report confirms that each token was fully redeemable at the reporting cutoff, reinforcing the project’s positioning as a regulated, bank-issued digital dollar.

USAT is issued directly by Anchorage Digital Bank, placing it within the U.S. federal banking framework rather than outside it. The initiative combines Tether’s global stablecoin expertise with Anchorage’s regulated banking charter and oversight.

“USAT’s early momentum signals strong demand for a resilient, dollar-backed digital asset tailored to the U.S. market,” — Paolo Ardoino, CEO, Tether.

Ardoino added that publishing the first USAT stablecoin reserve report is intended to establish “a clear standard of accountability and financial strength.”

Institutional positioning and regulatory context

The release of the USAT stablecoin reserve breakdown comes at a time when stablecoins face sustained scrutiny in Washington. Lawmakers and financial institutions continue to debate frameworks such as the GENIUS Act, while regulators focus on reserve transparency, redemption rights, and risk management practices.

Bo Hines, CEO of Tether USAT, described the report as a foundation for broader infrastructure development to support digital finance use cases, including creator payouts, settlements, and treasury operations. The USAT stablecoin reserve disclosure, he suggested, is part of building credibility within the U.S. financial system.

Nathan McCauley, co-founder and CEO of Anchorage Digital, emphasized the importance of formal attestations.

“Transparent attestations and clear reserve management are essential if tokenized dollars are to support institutional settlement at scale within the existing U.S. banking framework,” — Nathan McCauley, CEO, Anchorage Digital.

By publishing the USAT stablecoin reserve under formal AICPA criteria, Anchorage and Tether are signaling that the product is designed to operate squarely within regulatory boundaries. The structured reserve composition and third-party attestation are intended to address policy concerns around asset quality and liquidity.

Market scale and competitive landscape

Despite the detailed USAT stablecoin reserve disclosure, the token remains small relative to dominant dollar-backed stablecoins. Compared to Tether’s USDT and Circle’s USDC, USAT’s market capitalization is a fraction of the overall sector.

USAT’s market cap represents approximately 0.0055% of the estimated $309 billion stablecoin market. Data from Defillama ranks USAT 98th among stablecoins by market capitalization. Even so, the USAT stablecoin reserve publication may serve as a strategic differentiator, particularly among institutions seeking federally supervised digital dollar exposure.

The timing of the report underscores the broader policy environment. As federal agencies evaluate stablecoin legislation and oversight mechanisms, the structured USAT stablecoin reserve framework presents a model anchored in regulated banking infrastructure rather than offshore issuance.

For Anchorage Digital Bank and Tether, the message embedded in the USAT stablecoin reserve release is clear: transparency, attestation, and dollar-for-dollar backing are central to competing in a market increasingly shaped by regulatory expectations.