USAT, the “banking” stablecoin by Tether: federal issuance with Anchorage and verified reserves

Over 160 billion dollars of stablecoin (USDT) are currently in circulation, according to Tether, and now a new development for the US market is reported by Reuters. Tether has appointed Anchorage Digital Bank N.A. – the first digital asset bank with a federal charter – for the bank issuance, management of reserves, and compliance of the USAT token, designed to operate within a federal control perimeter. The announcement on September 12, 2025, published on Tether’s official website and commented on by the press, highlights a stablecoin model with segregated reserves and periodic attestations.

According to the data collected by our cross-sector research team, the announcement on September 12, 2025, reflects a clear trend towards stablecoin models with bank custody and segregated reserves. The market analysts we collaborate with observe that the use of a federally chartered bank tends to reduce the perceived risk premium by institutional investors and could facilitate adoption by regulated counterparties.

In brief: the key points

• What is USAT: a dollar stablecoin designed for the US market, with issuance through a bank and reserves held by an entity with a federal charter.
• Who does what: Anchorage handles the issuance, custody of reserves, and compliance; Tether provides the technological infrastructure, liquidity, and manages distribution.
• Transparency: periodic attestations will be provided regarding the 1:1 reserve coverage, although the frequency and the entity responsible for the independent audits have not yet been detailed.
• Objective: bring the scale of Tether products onto a regulated basis, addressing the transparency and governance requirements demanded by U.S. authorities, in line with the model reported by Reuters.
• What’s missing: precise details on rollout timing, supported protocol chains, the complete reporting scheme, and auditing standards.

How the Tether–Anchorage Digital Bank Partnership Works

The proposed model integrates established practices in the payments sector within a banking framework subject to federal supervision. The stated goal is to increase transparency and reliability while maintaining the typical scalability of stablecoins. In this context, the structure is designed to be interoperable with the existing ecosystem.

Operational Roles

• Anchorage Digital Bank N.A.: issues USAT, manages the custody of reserves and oversees compliance procedures and periodic attestations, operating as a federally chartered banking institution. Additionally, according to Reuters, USAT will be based in Charlotte, North Carolina.
• Tether: provides the technological infrastructure, manages liquidity, and handles integrations and distribution across various partners and exchanges.
• Common goal: to create a regulated infrastructure that meets the supervision requirements and prudential standards demanded by the US market.

Why It Matters for US Stablecoin Regulation

USAT follows a path that involves the custody of reserves in segregated bank accounts, to ensure a clear separation between the activities of clients and those of the issuer. This approach addresses the growing demands for traceability, governance, and control over the methods of issuance and redemption, and fits into a regulatory context that is taking shape around the GENIUS Act.

This bill, signed on July 18, 2025, according to public sources, imposes stringent requirements on 1:1 reserves, secure custody, periodic attestations, and issuer supervision, and could potentially serve as a benchmark for other similar initiatives. That said, much will depend on the concrete implementation and the guidelines that federal agencies will publish in the coming months.

Bank Issuance, Segregated Reserves, and Transparency: The Details

• Issuance through bank: the creation and redemption of USAT tokens occur through a bank with a federal charter, with integrated KYC/AML procedures and anti-fraud checks.
• Segregated reserves: the funds are kept separate from the bank’s operational accounts, with regular reconciliation procedures and periodic attestations regarding the 1:1 ratio.
• Attestations: periodic checks of reserve coverage are planned; however, the frequency, scope, and the entity responsible for the independent audits will be communicated later.
• Reporting: the detailed composition of reserves, the timing of redemption, and the management methods in the event of potential liquidity crises are yet to be defined.

Regulatory Context: the GENIUS Act and Federal Authorities

The partnership is part of the GENIUS Act, a federal measure already signed that establishes rules for payment stablecoins in the United States, imposing requirements on reserves, secure custody, attestations, and oversight of issuers.

In this context, authorities such as the Fed, the OCC, the SEC, the CFTC, and the FDIC play a crucial role: while the first two impact banking operations, the SEC and the CFTC monitor the financial market, and the FDIC intervenes in deposit insurance matters. The precise framework of USAT will depend on the implementation of regulations and future guidance issued by the competent agencies. However, the response of the operators may influence the timing.

Statements from CEOs and Corporate Claims

Nathan McCauley, CEO of Anchorage Digital Bank N.A., described the partnership as a possible “gold standard” for putting into practice the vision of the GENIUS Act, in statements released in the official communications of the institution.

Paolo Ardoino, CEO of Tether, introduced Anchorage as “the first and only federally regulated crypto bank” and USAT as “the first stablecoin created specifically for the United States”, statements reported in the official materials of Tether. These claims, although strongly marketing-oriented, will require independent regulatory verification.

Short-term Implications and Possible Scenarios

The launch of USAT is a testing ground to understand if the model with bank issuance can combine the speed and adoption typical of stablecoins with the control and transparency demands of the US market. In fact, other issuers might consider similar solutions to strengthen relationships with institutional partners.

• Shortly: awaiting definition of the timeline, supported networks, and the model of attestations and reporting.
• In the medium term: potential adoption by regulated platforms, response from banks and payment providers, and further evolution of the regulatory framework.

What remains to be verified

• Audit: publication of the audit schedule, selection of the auditor, and definition of the scope (periodic attestations compared to complete audits).
• Reporting: more details on the composition of the reserves, on the treatment of interest income, and on redemption policies.
• Compliance: official guidelines from authorities regarding KYC/AML requirements, usage limits, and cross-chain interoperability.
• External reactions: independent opinions from analysts, industry associations, and authorities, currently awaiting further public feedback.

Quick FAQ

Is USAT a stablecoin compliant with the GENIUS Act? USAT is presented as aligned with the objectives of the new legislation, but actual compliance will depend on regulatory implementation, audits, and any ongoing authorizations.

What is the reference scale? Tether reports over 160 billion dollars of USDT currently in circulation and about 500 million users of its products as of September 2025; USAT intends to bring this scale to a more regulated infrastructure.

When will it be available? The details regarding the rollout and the launch network have not yet been officially communicated, although early signs suggest an imminent deployment.

Main sources used: Tether — Official Releases, Reuters — Tether launches USAT to strengthen presence in the US market