Tether’s US-regulated stablecoin, USA₮, ended July with more dollars in the vault than tokens in circulation. Anchorage Digital Bank, the federally chartered institution that issues and custodies the token, reported $175.91 million in reserves backing 175.25 million USA₮ tokens outstanding as of July 31.
That leaves a surplus of roughly $660,000. The whole point of a stablecoin is that every token can be redeemed for a dollar, and a consistent buffer above that 1:1 ratio is how issuers demonstrate they aren’t cutting it close.
What the reserves actually look like
According to the attestation, the backing consists of US dollar cash and reverse repurchase agreements secured by US Treasuries, all held in segregated fiduciary accounts. The attestation was prepared under AICPA stablecoin criteria.
Compared to the prior month’s report, supply actually ticked down slightly. The June 30 attestation showed 176.79 million tokens outstanding, meaning roughly 1.5 million tokens were net redeemed over July.
