Anchorage Digital Bank on Saturday released the first reserves report for USA₮, a U.S.-centric dollar stablecoin issued in partnership with Tether, revealing the new token’s asset backing and operational safeguards, and signaling an early push to set transparency standards for the domestic digital dollar. This report is based on the American Institute of Certified Public Accountants’ 2025 Standards for Stablecoin Reporting and provides a snapshot of reserves and circulation as of January 31, 2026, 11:59:59 PM UTC.
The numbers match up tightly. According to the certificate, there were 17,501,391 USA₮ tokens outstanding as of the reporting date, with total reserve assets of $17,604,716, leaving the program with $103,325 more reserves than tokens in circulation. While these numbers are small in absolute terms compared to the broader stablecoin market, they are significant as USA₮’s first public proof and highlight Anchorage’s intent to demonstrate 1:1 redeemability from day one.
The Anchorage report said reserve assets are held in segregated fiduciary trust accounts and consist primarily of overnight reverse repurchase agreements collateralized only by U.S. dollar cash and U.S. Treasury securities, a conservative mix designed to maximize liquidity and minimize credit exposure. The bank reiterates that all USA₮ tokens issued are redeemable in USD on a 1:1 basis under Anchorage terms and that Anchorage Digital Bank operates under the supervision of the Office of the Comptroller of the Currency.
USA₮ wins early adoption
The release comes as Tether and Anchorage seek to position USA₮ as a “Made in America” digital dollar that combines Tether’s global stablecoin experience with Anchorage’s status as the first federally chartered cryptocurrency bank. Tether CEO Paolo Ardoino positioned the certification as a milestone in accountability and institutional readiness, saying the early momentum in USA₮ shows strong demand for “resilient dollar-backed digital assets tailored to the U.S. market.” Beau Hines, CEO of Tether USA₮, said this report is the beginning of broader expansion as the team builds the infrastructure to support the next generation of digital finance.
The Anchorage leader also emphasized why formal certification is important if tokenized dollars are to become the conduit for institutional payments. “If a digital dollar is to support institutional payments at scale, reporting standards need to reflect the regulatory boundaries within which it operates,” said Nathan McCauley, co-founder and CEO of Anchorage Digital. He added that transparent authentication, reserve management, and oversight can allow stablecoins to move from crypto curiosities to core financial infrastructure that delivers the speed and programmability required for modern payments, while meeting financial institutions’ expectations for safety, accountability, and reliability.
USA₮ is part of the ecosystem that is rapidly being incorporated into the market. The report and related announcements mention early use cases such as creator payments, settlement, and treasury operations on internet-native platforms such as Rumble Wallet and Whop, as well as listings and integration with exchanges and marketplaces. Early traction today is less about size and more about the signal being transmitted. Federally regulated and certified, the dollar token is being actively tested in real-world payment flows within the U.S. digital economy.
Industry observers will be watching to see how the AICPA’s 2025 Standard for Stablecoin Reporting is applied in practice. Anchorage’s decision to issue a standard-aligned certificate makes this an early test case of whether the guidance can provide consistent bank-level transparency across issuers. For regulators, institutions, and platforms considering tokenized dollar rails, this report provides specific details on underlying assets, custodianship, and governance, which have often been the subject of debate since the rise of stablecoins.
The US stablecoin landscape is taking shape under new regulatory frameworks and industry guidance. The first USA₮ reserve certification is a clear signal that proponents are betting that a rigorously documented, bank-issued digital dollar can earn institutional trust. The scale of that trust will depend on repeatable monthly certifications, how reserves are managed as trading volumes increase, and whether market participants accept token rails issued under U.S. banking supervision.
