A U.S.-regulated, dollar‑pegged stablecoin (USA₮) designed for the American market under the GENIUS Act payment stablecoin framework.

Project Function

USAT is intended to function as digital cash for transactions by providing the stability of the U.S. dollar with the flexibility of on-chain transfer and settlement. It is issued and redeemed by a federally chartered bank (Anchorage Digital Bank, N.A.) under federal oversight.

Token Utility

• A digital representation of the U.S. dollar that aims to maintain a 1:1 peg
• Used as a stable medium of exchange for payments and settlement
• Can be swapped against other assets on Uphold

About the Founders

USAT is supported by Tether and issued by Anchorage Digital Bank, N.A. (a federally chartered, crypto‑native bank in the U.S.).

Risks of USAT

Like an investment in other crypto assets, there are some general risks to investing in USAT. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in USAT is subject to the following specific risks:

• Centralized management: USAT issuance and redemption are centrally managed by Anchorage Digital Bank rather than decentralized governance.
• Disclosure and audit dependence: Market confidence may depend on ongoing disclosures, audits, and reserve management practices.
• Regulatory change risk: Changes in regulation or supervisory expectations may impact issuance, redemption, or availability.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with USAT. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The USAT community and Tether founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of USAT have no recourse to the USAT community, Tether founding team, or Uphold if USAT declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold's Evaluation Process

Prior to listing USAT on the Uphold Platform, Uphold performed due diligence on USAT and determined that USAT is unlikely to be a security or derivative under relevant securities legislation. Uphold's analysis including reviewing publicly available information on the following:

• The creation, governance, usage, and design of USAT, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
• The supply, demand, maturity, utility, and liquidity of USAT.
• Any marketing materials put forward by the USAT social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with USAT, including any code defects, security breaches and other threats concerning USAT and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with USAT, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of USAT.