USAT is Tether's GENIUS-era U.S. dollar stablecoin, issued 1:1 by Anchorage Digital Bank with reserves custodied at Cantor Fitzgerald. The static profile records its US Dollar peg mechanism as: 1:1 USD redemption by onboarded Anchorage Digital Bank clients, net of fees and subject to the bank's redemption terms.

As of Oct 24, 2026, Pharos grades USAT B+ (78/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That grade is in the Score's upper band, which does not rule out losses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

Pharos records USAT's reserves as of Aug 31, 2026 as 90.1% Reverse repurchase agreements collateralized by U.S. Treasury securities and 9.9% Cash in demand deposit accounts. Reserve evidence: Independent Audit by Deloitte & Touche (published via Anchorage Digital Bank), latest period ending Aug 31, 2026. Pharos classifies the backing as Real-World Asset Backed.

Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for USAT, when applicable, appear in the live dossier on this page.

Under the route Pharos reviewed on Mar 23, 2026, customers the issuer has verified can redeem USAT for a single stable asset, such as cash or a stablecoin. Settlement takes multiple days. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.