USAT is a fiat-backed US dollar stablecoin issued by Tether (issued by Anchorage Digital Bank). It has about $183M in circulation, ranking #39 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
USAT price
$0.9991
On peg Circulating supply
$183M
30-day change
-0.5%
Price
$0.9991
Blockchains
1
Tracked since
Jan 2026
What is USAT?
USAT is a fiat-backed US dollar stablecoin issued by Tether (issued by Anchorage Digital Bank). It has about $183M in circulation, ranking #39 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
USAT is Tether's US-regulated dollar token, built to comply with the GENIUS Act framework.
In the issuer's words: USAT (USA₮) is a U.S.-regulated, fully dollar-backed stablecoin issued under the GENIUS Act framework, designed to maintain a 1:1 USD peg with reserves held in U.S. liquid assets and deployed for compliant digital payments and settlement.
USAT supply history
$193M$0
Jan 29, 2026Oct 8, 2026
$193M$0
Jan 29, 2026Oct 8, 2026
USAT supply fell 0.5% over the past 30 days, to $183M. Its peak was $187M in June 2026, and supply is 2% below that high.
Is USAT holding its peg?
Last price
$0.9991
Target
1.0000 USD
Status
On pegUSAT is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USAT lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all USAT. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USAT is backed
USAT is backed by cash and short-term US Treasuries.
Minting and redemption: USAT is minted when authorized participants deposit U.S. dollars with Anchorage Digital Bank, N.A., which issues USAT 1:1 onchain against segregated liquid reserves.
USAT risks
Issuer and custody
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Freezes and blacklists
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USAT vs USDT and USDC
Similar fiat-backed stablecoins
See all →
USAT in the news
Malone Lam pleads guilty in $245M crypto theft conspiracy
OFAC extends Iran sanctions to the digital assets sector
Thai SEC Files Criminal Complaint Against Bitkub Over Alleged Cover-Up of $50M 2021 Hack
USAT guides
- USDT vs USDC: Differences, Reserves and Which to UseUSDT is the biggest and most-traded stablecoin; USDC is smaller but more transparent and more tightly regulated. Live data, reserves and risks compared.
USAT FAQ
What is USAT?
USAT is a fiat-backed US dollar stablecoin issued by Tether (issued by Anchorage Digital Bank). It has about $183M in circulation, ranking #39 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USAT pegged 1:1 to the US dollar?
USAT targets 1 USD. At the last update it traded at $0.9991, a deviation of -0.09%, which we classify as "on peg".
What backs USAT?
USAT is a fiat-backed stablecoin. Cash and short-term US Treasuries.
Which blockchains is USAT on?
USAT is live on 1 blockchain. The largest by supply are Ethereum ($183M).
How much USAT is in circulation?
About $183M of USAT was in circulation at the last update, -0.5% over 30 days. That makes it the #39 stablecoin by supply among those we track.
Does USAT pay interest?
No. USAT does not pay yield to holders directly. Any interest earned on its reserves goes to the issuer. Some platforms offer rewards for holding it, but those are paid by the platform, not by USAT.
Is USAT safe?
No stablecoin is risk-free. As a fiat-backed design, USAT's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.