USAT

• USAT is a dollar-pegged stablecoin issued by Anchorage Digital Bank, structured for US regulatory compliance.

• It was created under the GENIUS Act framework as Tether's regulated US-market offering, distinct from USDT.

• It is intended for institutional and regulated use cases.

• Pegged one-to-one to the US dollar and backed by reserves.

• Issued by a federally chartered digital asset bank rather than an offshore entity.

• Reserve composition and attestation follow the applicable regulatory framework.

Pros:

• Issued by a federally chartered bank, which is a materially stronger structure than offshore issuance.

• Purpose-built for US regulatory requirements rather than retrofitted.

• Separates the regulated US product from the global USDT offering.

Cons:

• Newly launched with limited circulation compared with established stablecoins.

• Its value depends entirely on the regulatory framework it was built for remaining in place.

• Competes against deeply entrenched dollar stablecoins.

• This is a stablecoin rather than an investment asset; it is designed to hold value at one dollar, not to appreciate.

• The regulated issuance structure is genuinely stronger than most alternatives.

• Assess it on reserve quality and issuer standing rather than on return potential.

• Issuance by a federally chartered US digital asset bank, a structure no major existing dollar stablecoin has.

• Existing dollar stablecoins are issued offshore under frameworks US institutions cannot fully rely on.

• A bank-issued stablecoin under a defined federal framework removes that obstacle for regulated users.

• Issued by Anchorage Digital Bank, a federally chartered digital asset bank.

• Developed in connection with Tether's US market strategy.

• Not applicable. USAT is a stablecoin issued against dollar reserves rather than a token sold for appreciation.

• Depends on the regulatory framework it was created under remaining in force.

• Limited circulation and liquidity compared with established stablecoins.

• Reserve and issuer counterparty risk.

• Stablecoins can depeg under stress regardless of issuer structure.