USDGO

usdgo

Rank #59•Stablecoins, USD Stablecoin, Solana Ecosystem

CoinYQ Dossier

One ticker, two relationships: a bank's obligation and OSL's brand

USDGO looks like a dollar anyone can hold, but its legal exit belongs to a narrower group. OSL put the name and distribution network around the product; Anchorage issued the liability, holds the reserve trust and decides which clients may mint or redeem.

The mint address identifies the asset; the terms identify the obligor

OSL announced USDGO on February 10, 2026 and said the first US$50 million was minted on Solana. Official sources identify Anchorage Digital Bank N.A. as issuer and OSL as brand operator and distributor. The asset is identified by that issuer and its published address; the ticker alone is insufficient.

Anchorage's terms go further than the launch copy: the bank is sole issuer and sole obligor. A brand partner does not acquire the bank's obligations, and holders do not gain claims against the brand partner merely by holding its branded series. That allocation matters more than the logo when a redemption is disputed.

The reserve can cover every reported token while the redemption door remains conditional

The July 31 attestation counted 1,112,640,495 redeemable tokens against $1,116,301,304 of assets. The mix was cash, BUIDL and money-market funds in segregated, unencumbered fiduciary trust accounts. The accountant tested Anchorage's assertion at one timestamp; it expressly did not test compliance with laws, contracts or control effectiveness.

Anchorage issues and redeems only for clients. Non-clients receive no contractual relationship under these terms, and even a client request may be delayed, refused, suspended or limited. The $1 par value describes the issuer route under conditions; it does not guarantee a $1 sale on an exchange or turn USDGO into an FDIC-insured deposit.

The chain list grew faster than the public address page, and the keys still matter

The launch began on Solana. By July, the reserve report listed both the Solana mint and a native Morph contract, while USDGO's public key-address page still displayed only the Solana token. Anchorage may add or discontinue supported chains and treats unauthorized wrappers as nonredeemable, so a ticker must always be paired with a current official contract address.

The Solana mint uses Token-2022 and currently exposes mint, freeze, permanent-delegate and pause authorities. Those controls support issuance and compliance, but they also allow privileged intervention. On-chain data reveals authority addresses, not who ultimately controls each key, what quorum protects it or how quickly a freeze can be reversed.

How the project changed

2021-01-13
OCC approves Anchorage's national trust bank conversion
The OCC granted Anchorage Digital Bank a national trust bank charter, the regulatory identity later used for USDGO issuance.
2026-02-10
USDGO launches on Solana
OSL announced an initial US$50 million mint with Anchorage as issuer and OSL as brand operator and distributor.
2026-07-31
The attested system includes a second native chain
The month-end report counted more than 1.112 billion redeemable tokens, sufficient reported reserves, and native contracts on Solana and Morph.

Evidence and primary sources

Last evidence review: 2026-09-04

What is USDGO?

USDGO is a U.S.-dollar payment stablecoin issued by Anchorage Digital Bank N.A. and branded and distributed by OSL Group. Anchorage's terms make the bank the sole issuer and obligor; OSL's brand does not turn OSL into the redemption debtor. This dossier identifies the asset by issuer and official address, not the five letters USDGO alone.

The confirmed Solana mint is 72puLt71H93Z9CzHuBRTwFpL4TG3WZUhnoCC7p8gxigu. Anchorage’s July 2026 report also lists a native Morph contract. A matching ticker does not establish that another token belongs to this issuer’s series. Anchorage does not redeem unauthorized wrapped or bridged versions.

What problem does USDGO solve?

USDGO was built to give OSL's enterprise payment flows a bank-issued on-chain dollar rather than depend entirely on third-party stablecoins. The reserve trust and monthly attestations support that payment claim, but they do not make a token balance an insured bank deposit.

The crucial split is between holding and redemption. Tokens can reach non-clients, while Anchorage issues and redeems only for clients. A non-client has no contractual relationship with Anchorage under the covered-stablecoin terms; secondary-market price and liquidity are separate from the client's conditional $1 redemption route.

How does USDGO work?

Clients request issuance or redemption at $1, net of applicable fees; the current fee schedule lists no USDGO service fee. Anchorage may refuse, suspend or limit requests for verification, compliance, operational, liquidity or regulatory reasons. Reserve returns above required backing belong to Anchorage as trustee compensation, not automatically to token holders.

At July 31, 2026, 1,112,640,495 redeemable USDGO were matched by $1,116,301,304 of reserves: $11,061,357 cash, $312,429,373 BUIDL and $792,810,574 money-market funds. The attestation listed Solana and Morph. The Solana Token-2022 mint currently exposes mint, freeze, permanent-delegate and pause authorities; the account does not reveal the legal persons behind those keys.

Key facts

OSL launched USDGO on February 10, 2026 with an initial US$50 million Solana mint.
Anchorage Digital Bank N.A. is sole issuer and obligor; OSL is brand operator and distributor.
Direct issue and redemption are limited to Anchorage clients and may be refused, suspended or limited under the terms.
The July 31, 2026 snapshot reported 1,112,640,495 redeemable tokens and $1,116,301,304 of reserves.
The July report lists Solana and Morph contracts, although the current public key-address page lists only the Solana token.
Covered stablecoins are not FDIC-, NCUA- or SIPC-insured and are not legal tender.

Official links

Official website Whitepaper Block explorer X / Twitter

Related coins

Frequently asked questions

How do I distinguish official USDGO from a same-ticker token?

Match the issuer and chain address. Official materials identify Anchorage Digital Bank as issuer and the Solana mint as 72puLt71H93Z9CzHuBRTwFpL4TG3WZUhnoCC7p8gxigu. A name or ticker match is insufficient.

Does OSL owe the redemption?

No under Anchorage's covered-stablecoin terms. Anchorage is sole issuer and obligor; OSL is the brand operator and distributor.

Can every holder redeem one USDGO for one dollar?

No. Direct par redemption is conditional and available only to Anchorage clients. Non-clients must first become clients or use a third-party market, whose price and liquidity can differ.

Can USDGO be frozen or minted by administrators?

The Solana Token-2022 mint has live mint, freeze, permanent-delegate and pause authorities. Their addresses are visible, but this review could not identify every legal person controlling them.

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