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Project Overview
USA₮ is a USD-backed stablecoin developed by Tether, designed for the internet age, allowing for instant spending, transfers, and receipts.
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Tether-compliant stablecoin USAT launches on Celo, marking its second mainnet deployment after Ethereum
the token is issued by Anchorage Digital Bank, can be natively minted and redeemed on Celo, and can be directly used to pay on-chain gas fees via Celo's fee abstraction mechanism. USAT went live in January this year and currently has a market cap of approximately $185 million.
Stablecoin Payment Infrastructure Pact Labs Raises $7 Million in Series A Funding Led by Tether
Pact Labs, a stablecoin payment infrastructure provider, has announced a $7 million Series A funding round, led by Tether, with participation from Blockchange Ventures and Lasagna. The new funds will be used to accelerate infrastructure development, enabling USAT to provide payroll services, wage withdrawals, credit, and payment solutions for millions of American workers. USAT is a USD stablecoin issued by Tether in partnership with Anchorage Digital Bank. (Prnewswire)
Tether’s stablecoin USAT saw a nearly 540% month-on-month increase in circulation in April.
According to The Block, Tether’s stablecoin USAT saw its circulating supply rise to over 140 million tokens in April—a nearly 540% increase from approximately 22 million tokens in March. During the same period, its total reserves increased to $141,178,400, exceeding the outstanding token supply by $327,450. Launched in January this year and issued by Anchorage Digital Bank, USAT is designed to comply with the GENIUS Act’s 1:1 reserve requirement. The latest attestation shows that its reserves consist of $13,427,400 in cash and $127,751,000 in reverse repurchase agreements collateralized by U.S. Treasury securities.
AnchorageDigital Submits Comment Letter on GENIUS Act, Plans to Issue Stablecoin UDSPT with Western Union
Odaily Odaily has learned that AnchorageDigital Bank has submitted a comment letter regarding the U.S. Office of the Comptroller of the Currency's proposed rulemaking on the GENIUS Act. The company has already issued three stablecoins for multiple partners, including USAT in collaboration with Tether, USDGO with OSL Group, and USDtb with Ethena. AnchorageDigital stated that it plans to jointly issue a fourth stablecoin, UDSPT, with Western Union in the near future, and expects to officially become a licensed payment stablecoin issuer after the GENIUS Act takes effect.