Tether launched USAT in January 2026 as a separate U.S.-focused stablecoin, but Anchorage Digital Bank is its sole legal issuer, according to Anchorage’s disclosures. Tether supplies technology and branding; it does not issue or redeem USAT, and USDT has a different issuer. Only approved Anchorage clients can mint or redeem USAT directly with the bank. Other holders may need to sell through an exchange or another secondary-market counterparty.
In this legal opinion, Michael Handelsman says USAT was designed around the GENIUS Act, but no approval under that law has been publicly established. The Act’s main issuer framework takes effect on January 18, 2027, and the OCC had not opened applications as of October 27, 2026. Anchorage’s August 31, 2026 report listed about 175.7 million redeemable USAT tokens and about $176.4 million in reserves; its disclosures warn that USAT is not government-guaranteed or covered by FDIC or SIPC insurance.
