Odaily Planet Daily reports that USAT is independently issued by Anchorage Digital Bank, N.A., with Tether providing technology and supporting branding, strategy, and distribution. Anchorage’s disclosure states that Tether is not the issuer of USAT and has no obligation to redeem or guarantee the token; USAT and USDT are distinct products with different issuers and legal arrangements.
Anchorage’s terms permit only approved clients to directly mint or redeem USAT; other holders typically must trade through exchanges or secondary markets. Its reserve report as of August 31, 2026, shows approximately 175.7 million redeemable USAT in circulation, backed by approximately $176.4 million in reserve assets.
The GENIUS Act takes effect on July 18, 2025, with its primary issuance framework to be implemented on January 18, 2027. The Office of the Comptroller of the Currency (OCC) issued its primary implementation rules on October 21, 2026; as of October 27, the OCC has not yet initiated the application process, and public materials do not indicate that USAT has received issuance authorization under this Act. (Bitcoin.com News)