USAT

USAT is Tether's US-regulated, dollar-backed stablecoin, engineered specifically to operate within the United States' new federal stablecoin framework. Where Tether's flagship USDT serves a global audience, USAT is purpose-built for American regulatory compliance, issued by Anchorage Digital Bank, N.A., the first federally regulated stablecoin issuer in the country. It ranks around 179 by market capitalization.

What is USAT?

USAT is a fiat-backed stablecoin designed to hold a value of one US dollar and to comply with the federal rules established under the GENIUS Act, the landmark US law governing payment stablecoins. Its distinguishing feature is regulatory pedigree: rather than operating offshore, USAT is issued by a federally chartered institution, aiming to give US users and businesses a compliant, dollar-pegged digital asset.

How does USAT work?

USAT is a tokenized dollar. For every USAT in circulation, reserves are held to back it one-to-one, so holders can redeem tokens for dollars through the issuer. The token runs on the Ethereum ecosystem as a standard smart-contract token, inheriting Ethereum's security rather than operating its own chain. This makes USAT easy to integrate into wallets, exchanges, and DeFi applications.

• Backed one-to-one by US dollar reserves
• Issued by Anchorage Digital Bank, a federally regulated bank
• Built for the GENIUS Act stablecoin framework
• Deployed on the Ethereum ecosystem as a tokenized asset

Because it is fully reserved and regulated, USAT's design prioritizes trust, transparency, and redeemability over yield.

USAT tokenomics and supply

USAT has no fixed maximum supply. Like other fiat-backed stablecoins, tokens are minted when users deposit dollars and burned when they redeem, so circulating supply reflects real demand. Circulating and total supply currently stand at roughly 187.5 million USAT, and that number grows or shrinks with issuance and redemption.

As a dollar stablecoin, USAT is meant to trade at $1 rather than appreciate. Its all-time high was about $1.002 and its all-time low near $0.996, an unusually tight band that reflects the stability expected of a fully reserved, regulated stablecoin.

What is USAT used for?

USAT is used for payments, trading, and settlement where users want a compliant, dollar-pegged asset. Its regulatory status makes it appealing for US businesses, institutions, and platforms that need to work within federal rules. As a real-world-asset and tokenized-dollar product, it can also serve as stable collateral and a bridge between traditional finance and on-chain applications.

Where to buy USAT

USAT can be obtained through supporting exchanges and directly from the issuer via minting and redemption. Our best crypto exchanges ranking can help you find compliant venues, and any Ethereum-compatible wallet from our best crypto wallets guide will let you hold and transfer the token.

Is USAT a good investment?

This is not financial advice. USAT is designed to preserve value, not to grow it, so it functions as a cash-equivalent tool rather than a speculative asset. Its main advantages are regulatory clarity and full reserve backing; its risks are smart-contract issues, reliance on the issuer's reserves, and the general operational risks of any stablecoin. It is best used for stability and settlement, not for capital appreciation.