Anchorage Digital Bank releases its first USAT reserve report. As of January 31, 2026, there are 17,501,391 USAT in circulation, with reserve assets totaling $17,604,716 and an excess reserve of $103,325; the reserves consist of US dollars in cash and reverse repurchase agreements collateralized solely by U.S. Treasuries, held in a separate trust account. USAT is issued by Anchorage Digital Bank, regulated by the OCC, with support from Tether; the statement also emphasizes that USAT is not a legal tender and is not protected by FDIC/SIPC.