USAT

USA₮ is a dollar payment stablecoin launched on 2026-01-27. The official Ethereum contract is 0x07041776f5007ACa2A54844F50503a18A72A8b68; Celo uses 0xD2ab3C9A02DBBAB236BfEC45D1d755DF4267F771. It is distinct from USDT and from unrelated tokens using USA or USAT-like tickers.

The brand is a three-party arrangement. Anchorage Digital Bank, N.A. is sole issuer, reserve trustee and only redemption obligor. Tether Operations owns and licenses the USA₮ trademark and supports technology and distribution, but explicitly does not issue, redeem or guarantee the token. Third-party custodians and service providers act under agreements with Anchorage and do not inherit its redemption obligation.

The public slogan says one token is always redeemable for one dollar. The legal policy adds a subject: Anchorage issues and redeems at 1:1, net of fees, only for Clients in good standing with written account agreements. Holding USAT in a self-custody wallet or on an exchange does not create that bank relationship. The policy statement itself says it is not a contract or promise and creates no rights or remedies; the written account agreement governs the Client relationship.

A non-Client can sell or transfer in secondary markets. Anchorage does not guarantee their price or liquidity, so a market holder's route to a dollar normally depends on another buyer or intermediary with issuer access. The one-dollar reserve target supports that market, but it is not the same as every wallet having a direct claim procedure.

Monthly attestations are point-in-time examinations of management's reserve report. The accountant expressly does not test compliance with law or customer contracts, or the design and operating effectiveness of controls. A clean reserve comparison is strong evidence for its date, not an audit of every operational and legal promise.

For an approved Client, Anchorage receives dollars, issues USAT 1:1 net of fees and conveys issuance proceeds into the USAT Reserve Trust. The South Dakota express trust is segregated from the bank's general assets; policy bars lending, pledging or rehypothecation except in limited circumstances permitted by law, such as facilitating lawful redemption. Anchorage acts as trustee and may use third-party banks, custodians and asset managers.

At 2026-07-31, redeemable USAT totaled 175,245,527 against $175,906,606 of reserve assets: $17,507,606 cash and $158,399,000 of reverse repos collateralized by U.S. Treasuries, leaving $661,079 surplus. The report separately removed 40,556 bridge-locked Ethereum tokens backing 40,556 native Celo tokens from redeemable supply to prevent double counting.

The bank also holds compliance and network powers. It may delay or refuse service and freeze, block, seize or burn tokens linked to specified addresses, including non-Clients, when it identifies or reasonably suspects prohibited, unlawful or high-risk activity, or acts under lawful governmental orders. Anchorage chooses supported chains and the recognized fork; unauthorized wrappers or tokens on a withdrawn chain are not redeemable. Current smart-contract admin keys, role thresholds and service-provider allocations were not independently resolved here.