Tether Launches USAt Stablecoin With Anchorage as Gold Reserves Expand to 27 Tons Amid Tokenized Market Shifts

Regulated U.S. Stablecoin Debuts as Tether’s Gold Holdings and XAUt Dynamics Come Into Focus

TL;DR

• Tether introduced USAt, a federally regulated U.S. dollar stablecoin issued via Anchorage Digital under the GENIUS Act framework.
• The company disclosed purchases of 27 metric tons of gold in late 2025 as Tether Gold supply and valuation climbed.
• Despite growth, Tether Gold’s share of the tokenized gold market declined as competitors gained ground.

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Tether has launched a new U.S.-focused stablecoin, USAt, positioning the token as a federally regulated digital dollar designed to operate fully within the American financial system. The stablecoin is issued through Anchorage Digital Bank, a federally chartered crypto bank, under the regulatory provisions of the GENIUS Act, the U.S. federal stablecoin framework enacted in July 2025. The product was introduced with an initial supply of $10 million and deployed as an ERC-20 token on Ethereum, with distribution planned across platforms including Bybit, Crypto.com, Kraken, OKX, and MoonPay.

Leadership of the U.S. stablecoin initiative has been assigned to Bo Hines, the former head of the Trump administration’s Council of Advisers on Digital Assets, who was named chief executive of USAt. Tether Chief Executive Paolo Ardoino described the product as “a dollar-backed token made in America,” drawing a distinction between USAt’s domestic regulatory alignment and the company’s flagship USDT, which has historically been issued offshore. At the time of launch, USAt was not yet listed on Tether’s public transparency page alongside other tokens such as USDT and XAUt.

Alongside the U.S. stablecoin rollout, Tether disclosed a significant expansion of its physical gold reserves during the final quarter of 2025, acquiring approximately 27 metric tons of gold. The purchase volume closely matched the company’s gold accumulation during the prior quarter and coincided with heightened demand for safe-haven assets. Tether stated that its tokenized gold product, Tether Gold, maintains a one-to-one backing with physical bullion held in reserve.

Market conditions surrounding gold intensified during the same period, with prices rising about 64% over the course of 2025 before adding another 17% in early 2026 and surpassing the $5,000 per ounce level. Against that backdrop, the circulating supply of Tether Gold expanded from roughly $600 million at the beginning of 2025 to about $1.8 billion by year-end, before reaching a market capitalization of around $2.24 billion in January.

Ardoino addressed the scale of Tether’s gold exposure in public remarks, stating, “Through Tether Gold, we are operating at a scale that now places the Tether Gold Investment Fund alongside sovereign gold holders, and that carries real responsibility.” He added that the structure was intended to “remove ambiguity” during periods of financial uncertainty.

Despite growth in absolute terms, Tether Gold’s relative position within the tokenized gold sector weakened. The company’s share of that market declined by nearly 10% in early 2026 compared with late 2025, falling from roughly 60% dominance to about 50% as rivals expanded issuance. Pax Gold accounted for close to 40% of the segment, while Kinesis Gold increased its presence from negligible levels to nearly 8% market share. Total capitalization of tokenized gold products exceeded $5.2 billion during the same timeframe.

This article has been refined and enhanced by ChatGPT.