USAT Independently Issued by Anchorage, GENIUS Act Approval Not Yet Initiated

USAT is independently issued by Anchorage Digital Bank, N.A., with technical support from Tether. Anchorage states that Tether is not the issuer of USAT and has no obligation to redeem or guarantee the token; USAT and USDT are different products with different issuers and legal arrangements. Anchorage's terms only allow approved customers to directly mint or redeem USAT, while other holders must trade through exchanges or secondary markets. The reserve report as of August 31, 2026, shows approximately 175.7 million redeemable USAT in circulation, corresponding to about 176.4 million USD in reserve assets. The GENIUS Act will take effect on July 18, 2025, with the main issuance framework to be implemented on January 18, 2027. The Office of the Comptroller of the Currency (OCC) released the main implementation rules on October 21, 2026, and as of October 27, the OCC has not yet initiated the application process, and public materials do not indicate that USAT has obtained issuance permission under this act.

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