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Issued by Tether (US)
Market cap
DIA price
Total supply
Holders
184.6M USAT
28,539holders
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
-$10since Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in USAT's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
2 of the 2 chains DIA holds a verified USAT contract on carry a deployment date and are plotted here.
DIA price
$0.9997
Peg deviation
-3 bps
Peg currency
USD
Launched
Primary use
—
Last snapshot
Fri, Sep 4 UTC
Who issues it
USAT is a dollar stablecoin issued by Anchorage Digital Bank, N.A., a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency. Tether built the token and markets it at usat.io, where the footer states that Tether Operations, S.A. de C.V. is not the issuer. Tether announced the launch on 27 January 2026 and named Bo Hines CEO of Tether USAT. Cantor Fitzgerald is the designated reserve custodian and preferred primary dealer.
Peg, market and supply
The peg is the US dollar and the target market is North America. Tether's announcement draws the line between its two dollar tokens: USDT continues to operate globally, and USAT is the onshore token built for the GENIUS Act framework. DIA reads about 185.7 million USAT outstanding across Ethereum and Celo, worth about $185.3 million at a price of 0.9993.
Sources: Tether press release announcing the launch of USA₮, USA₮ official site, including the issuer disclaimer, Anchorage Digital announcement introducing USA₮
What the June 2026 report says
Anchorage publishes a monthly reserve report for USAT. The latest one listed is dated 30 June 2026 and was signed on 28 July 2026 by Nathan McCauley, Julie Veltman and Michelle Ramirez. It reports 176,794,845 USAT redeemable tokens outstanding against $177,423,363 in reserve assets, a surplus of $628,518. Reserves were $17,708,363 in cash and $159,715,000 in reverse repurchase agreements collateralized by U.S. Treasury securities, held in segregated fiduciary trust accounts. The first report, dated 31 January 2026, showed 17,501,391 tokens against $17,604,716.
Who signed it and under what standard
The opinion sits on Deloitte & Touche LLP letterhead. It is an examination of management's assertion that the reserve report is prepared in accordance with the AICPA "2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens", conducted under AICPA attestation standards. It is not an audit of Anchorage's financial statements.
What it leaves out
Deloitte states the examination was not performed to determine whether Anchorage complied with federal, state or local laws or regulations, or to evaluate the design or operating effectiveness of controls. Schedule I covers a single contract, the Ethereum deployment.
Sources: USAT Stablecoin Attestation Report, 30 June 2026, Deloitte & Touche LLP and Anchorage Digital Bank (PDF), USAT Stablecoin Attestation Report, 31 January 2026 (PDF), Anchorage Digital index of USA₮ monthly reserve attestations
usat.io lists four intended applications: online payments and checkout, faster payments for freelancers, creators and small businesses, international remittances with minimal fees, and a base layer for new commerce applications.
The site names Crypto.com, Kraken, MoonPay, Bybit, OKX, Rumble Wallet and FalconX in its ecosystem. The site does not publish volume or balance figures for any of them, so the distribution list shows intent rather than measured usage.
Sources: usat.io official site, use cases and ecosystem partners
Anchorage Digital Bank, National Association holds OCC charter number 25243. The reserve report describes it as a federally chartered national trust bank and qualified custodian with fiduciary powers. Anchorage Digital is the brand for services delivered through subsidiaries of Anchor Labs, Inc., a Delaware corporation. The same bank issues USDtb and USDGO, each with its own monthly reserve report.
Tether designed USAT to comply with the GENIUS Act. The disclaimer on usat.io is explicit: USAT is not legal tender under section 5103 of title 31 of the United States Code, and it carries no FDIC or SIPC insurance.
Sources: Anchorage Digital stablecoin reserve transparency page, listing its issued stablecoins and OCC charter number, Tether announcement unveiling USA₮ and its GENIUS Act design, USA₮ official site legal disclaimer on legal tender and insurance status
Concentration in the reserve
$159,715,000 of the $177,423,363 reserve sat in overnight reverse repurchase agreements with a single counterparty, purchased 30 June 2026 and maturing 1 July 2026. The report names the collateral, U.S. Treasury securities, and identifies the counterparty only as a "Broker-Dealer in the United States". On the cash side, $17,458,363 of the $17,708,363 in demand deposits was above FDIC insurance limits at the report date.
Surplus and redemption rights
Reserve assets exceeded redeemable tokens by $628,518. Anchorage states its stablecoins are always redeemable 1:1 for US dollars on its own platform. The reserve report points to the Company's terms for the definition of purchase and redemption rights, including which holders have those rights, and does not restate those terms.
Sources: USAT Stablecoin Attestation Report, 30 June 2026, Schedules II and III (PDF), Anchorage Digital stablecoin reserve transparency page, redemption statement
What the map reads on chain
The Global Stablecoin Map tracks USAT on two chains. The Ethereum contract at 0x07041776f5007aca2a54844f50503a18a72a8b68 reports 185,484,223.5 USAT in supply. The Celo contract at 0xd2ab3c9a02dbbab236bfec45d1d755df4267f771 reports 196,391.11. Holder count is about 27,300, and the price read is 0.9993.
Supply is not float
Total supply on the contract and redeemable tokens outstanding are different measures. The 30 June 2026 report splits them: 187,485,244 tokens natively minted on Ethereum, 10,690,399 of those minted but not issued, and 176,794,845 redeemable. A contract read returns the minted figure.
What is off chain
Reserve assets sit in segregated fiduciary trust accounts and bank deposits. No contract read reaches them, so the asset side rests on the monthly attestation rather than on a proof of reserves feed. Anchorage's page lists reports through 30 June 2026.
Sources: USAT Stablecoin Attestation Report, 30 June 2026, Schedule I minted and redeemable token counts (PDF), Blockscout token API for the USAT contract on Ethereum, Blockscout token API for the USAT contract on Celo
Anchorage Digital Bank, N.A. issues USAT. It is a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency and holds OCC charter number 25243. Tether built and markets the token, and the disclaimer on usat.io states that Tether Operations, S.A. de C.V. is not the issuer.
The 30 June 2026 reserve report shows $177,423,363 in reserve assets against 176,794,845 redeemable tokens. That was $17,708,363 in cash and $159,715,000 in reverse repurchase agreements collateralized by U.S. Treasury securities, held in segregated fiduciary trust accounts.
Anchorage publishes a monthly reserve report examined by Deloitte & Touche LLP under AICPA attestation standards, against the AICPA 2025 Criteria for Stablecoin Reporting. It is an examination of management's assertion about the reserve report, not an audit of Anchorage's financial statements, and it does not test compliance with laws or the effectiveness of controls.
Tether's announcement separates the two. USDT continues to operate globally. USAT is the onshore token, issued by Anchorage Digital Bank under US federal bank supervision and designed for the GENIUS Act framework.
The Global Stablecoin Map tracks two USAT contracts, one on Ethereum and one on Celo, with roughly 185.5 million USAT on Ethereum and about 196,000 on Celo.
0xd2ab3c9a…4267f771Explorer ↗0x07041776…a72a8b68Explorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0xd2ab3c9a…4267f771addToBlockedList(address), removeFromBlockedList(address) +1mint(address,uint256)eip1967-transparent0x07041776…a72a8b68addToBlockedList(address), removeFromBlockedList(address) +1mint(address,uint256)eip1967-transparentRead from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.