USAT (USA₮): What It Is, Uses and Risks

USAT, written USA₮ with Tether's usual symbol, is a dollar-backed stablecoin built for the United States. It is meant to be redeemable 1:1 for US dollars, and its reserves are described as cash and short-term, dollar-denominated assets. Tether developed it for the federal stablecoin framework created by the GENIUS Act.

The issuer is Anchorage Digital Bank, N.A., described as the first federally regulated stablecoin issuer in the US. Tether is the brand and technology partner behind the token, while Anchorage is the regulated entity that issues it. Public statements from around the January 2026 launch say USAT is designed to sit alongside USDT rather than replace it. USDT remains Tether's global token, and USAT is the version aimed at US-regulated use.

Our categories file it under stablecoins and real-world asset tokens, because each unit represents a claim on dollar reserves held off-chain. In practice it is a digital dollar: its price is supposed to stay at about $1, and it does not aim to rise or fall like a typical crypto asset.

USAT is a payment and settlement token. Like other fiat-backed stablecoins, it lets people hold and move dollar value on a blockchain around the clock, without waiting on bank transfer hours. Descriptions of the token emphasize American businesses and institutions, which need a stablecoin that fits US federal rules.

Common uses for dollar stablecoins include moving money between exchanges and wallets, paying for goods and services, settling trades, and holding dollars in places where a bank account is awkward. Third-party payment apps and exchanges have said they support or list USAT, and one exchange announced a listing in June 2026. We have not tested any of these services.

USAT is not a governance token and is not described as giving voting rights, staking rewards or a share of profits. Its job is to track the dollar. If you want yield or other features, those would come from separate products built on top of it, not from the token itself, and they carry their own risks.

The data shows no maximum supply for USAT, which fits how stablecoins work. Supply is not fixed; new tokens are created when a customer deposits dollars with the issuer and removed when tokens are redeemed. Circulating and total supply were both about 179.3 million tokens as of 2026-11-05.

At that date the market capitalization was about $179 million, which put USAT around rank 184 by market cap. Fully diluted value equals market cap because the supply figures match. Trading volume over 24 hours was about $4.2 million.

There is no token distribution in the usual sense: no team allocation, vesting schedule or inflation. The relevant economics sit with the issuer, who holds the reserves and handles minting and redemption. The details of reserve composition, attestations and redemption terms are published by the issuer and should be read directly before relying on them. The figures here will change as demand changes.

USAT is listed as issued on Ethereum and Celo. It is not the native token of any chain, so you pay network fees in that chain's own coin, such as ETH on Ethereum, rather than in USAT.

Most people hold it in a self-custody wallet that supports the chain, or on an exchange or payment app that lists it. It trades against other assets on exchanges that have added it, and holders who qualify can redeem through the issuer's process. Redemption routes for the regulated token may involve identity checks, which is normal for US-regulated products.

When you send USAT, make sure the receiving address is on the same chain you are sending from. A transfer sent to the right address on the wrong network can be hard or impossible to recover. Liquidity is much thinner than for USDT, so large trades may see wider spreads than you expect from a major stablecoin.

Tether announced plans for a US-based, GENIUS Act-compliant stablecoin in September 2025. The GENIUS Act created the federal framework that the token is designed around. Tether and Anchorage Digital then launched USAT in late January 2026, and the announcement described it as a complement to USDT for US use.

The market data tracks a tightly pegged price. The all-time low was about $0.9961 on 2026-03-08, and the all-time high was about $1.002 on 2026-03-30. At the time of writing the price was about $0.9984, with a 7-day change of roughly -0.04 percent. Those are very small swings, as expected for a stablecoin.

The data does not give a firm launch date beyond the announcement coverage, and a one-year price change is not available because the token is new. Any further milestones, such as new exchange listings or added chains, should be confirmed from the issuer's own announcements.

A stablecoin is only as sound as its reserves and its issuer. If reserves were mismanaged, frozen or not redeemable on time, the peg could slip. Regulation lowers some of that risk but does not remove it, and no federal rule guarantees a token's value the way deposit insurance protects a bank account. Check what protections actually apply before assuming any.

Other risks to keep in mind:

• Peg risk: the price can briefly drift from $1, especially on thinly traded venues.
• Liquidity risk: USAT is much smaller than USDT, so it may be harder to exit large positions at a fair price.
• Issuer and compliance controls: a regulated token may allow the issuer to freeze or restrict addresses when legally required.
• Smart contract and bridge risk: bugs or compromised infrastructure on any chain can cause losses.
• Platform risk: funds held on an exchange or app depend on that company's solvency and security.
• Scams: fake tokens with similar names exist, so confirm the contract address from the issuer's official channels.

This page is general information, not financial advice.

For small amounts, a reputable exchange or payment app is convenient, but you are trusting that company with your funds. For larger holdings, a self-custody wallet gives you control, and a hardware wallet adds protection by keeping your private keys offline.

Write down your recovery phrase on paper, store it somewhere safe and never type it into a website or share it with anyone, including people claiming to be support staff. Before sending a large amount, send a small test transfer to confirm the address and network are right.

Always verify the token's contract address on the correct chain, since copycat tokens use similar names and symbols. Keep some ETH or the relevant chain's gas token in the wallet to pay fees. Be careful with approvals you grant to apps, and revoke ones you no longer use. Also remember that a regulated stablecoin may be subject to freezes, so keep records of where your tokens came from.