Anchorage Digital Bank, N.A. launched USA₮ (USAT) on Jan. 27, 2026; as of Oct. 27, the OCC had not begun accepting issuer applications and said intake would start after OMB’s final approval of the application-form information collection.
The OCC’s GENIUS Act page said applications were not being accepted as of Oct. 27. Intake is due to begin after the Office of Management and Budget (OMB) gives final approval to the information collection for application forms, the agency says. The OCC said Oct. 21 that it would announce the opening of applications and waiver requests in a separate release.
Congress enacted the GENIUS Act on July 18, 2025, and both the act and the OCC’s main implementing rule are scheduled to take effect Jan. 18, 2027. The OCC issued the rule Oct. 21; Treasury Secretary Scott Bessent compared the law’s role with the National Currency Act of 1863. EconoTimes previously covered the final payment stablecoin rule.
Anchorage is the sole issuer of USAT. Tether said it supports USA₮, while Anchorage’s policy states that Tether’s trademarks are used under license. The policy says Tether is not obligated to issue, redeem, guarantee or otherwise support USAT, except in matters involving trademark infringement. It also identifies USD₮ (USDT) as a separate stablecoin issued by Tether International.
The bank’s direct issuance and redemption service is limited to clients it approves. Anchorage’s policy says other holders cannot issue or redeem USAT directly with the bank and may obtain or dispose of it only through transactions outside that direct channel.
An Anchorage report dated Aug. 31, 2026, listed about 175.7 million redeemable tokens outstanding and about $176.4 million in reserve assets. The next step is OMB’s final approval; after it is granted, the OCC says it will announce when applications can begin.
