News, data and analysis on tokenized assets, market design and digital economic systems.
El Salvador-licensed issuer of USDT, the largest dollar token, which is not offered to US customers; a separate US token, USAT, is issued by Anchorage Digital Bank under Office of the Comptroller of the Currency supervision.
Issuer of USDT, the largest dollar token, with roughly $183bn of token liabilities and $141bn of direct and indirect exposure to US Treasury bills as at 31 March 2026 on the BDO attestation that also reported $8.23bn of reserves in excess of liabilities and $1.04bn of quarterly profit. The group took a digital asset service provider and stablecoin issuer licence from El Salvador and moved its headquarters there in January 2025; USDT is not offered to US customers, and a separate US token, USAT, is issued by Anchorage Digital Bank under Office of the Comptroller of the Currency supervision. Because reserve assets of that size sit almost entirely in short-dated government paper, its subscription and redemption flows pass through into the Treasury bill market rather than being absorbed by a bank balance sheet.
Developments in which Tether is a named party, newest first.
Trading volume in tokenized gold reached $90.7bn in the first quarter of 2026, exceeding the total for all of 2025, according to research published by CEX.IO. Tether Gold and Pax Gold account for most of the outstanding supply, whose combined market value…
Tether announced USAT on 27 January 2026, a dollar stablecoin issued in the United States by Anchorage Digital Bank under the GENIUS Act framework, with Cantor Fitzgerald as…
Tether announced USAT, a dollar stablecoin issued in the United States by Anchorage Digital Bank under the GENIUS Act framework, with Cantor Fitzgerald as reserve custodian and preferred primary dealer. The token sits alongside USDT, which continues to be issued outside the United States.
The Commodity Futures Trading Commission ordered Tether to pay a $41m civil penalty, finding that between 1 June 2016 and 25 February 2019 the company misrepresented that every USDT in circulation was backed by an equivalent amount of fiat currency. The order found that Tether held sufficient fiat reserves to back tokens outstanding on only 27.6% of days in a 26-month sample from 2016 to 2018, and did not disclose that reserves included unsecured receivables and non-fiat assets.
The New York Attorney General ended Bitfinex's and Tether's trading activity with New Yorkers and imposed an $18.5m penalty, finding that from mid-2017 Tether "had no access to banking, anywhere in the world" and lacked reserves sufficient to back tethers one-for-one as claimed. The office also found that the day after Tether's 1 November 2018 verification of full backing, funds began moving out of the account to Bitfinex, and that Bitfinex had concealed roughly $850m of losses tied to the payment processor Crypto Capital Corp.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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