In brief
- Anchorage Digital Bank, N.A. names six dollar stablecoins it issues with brand partners (Tether’s USAT, Ethena’s USDtb, Western Union’s USDPT, OSL’s USDGO, ZLUSD for the Zelle network and Falcon Finance’s fUSD), and only its own account-holding Clients can redeem them with the bank; every other holder is “not a customer” with no contractual claim on the bank, though rights under applicable law are preserved (Covered Stablecoin Terms, effective 13 October 2025).
- The bank holds OCC charter 25243 and is on the OCC’s active trust bank list as of 31 August 2026; the OCC terminated its 2022 anti-money-laundering consent order on 18 August 2025.
- Our on-chain count on 29 September 2026 shows the four tokens with 30 June reserve reports moving in different directions since then: USDtb supply down about 31%, USDGO up about 39%, USDPT from about 21,600 to 17.2 million tokens. The bank names no reserve bank, and the USAT fee schedule is not published.
Reader question: what does a federally chartered crypto bank let its clients do, and what does a holder of a stablecoin it issues for a brand partner actually get?
Anchorage Digital is the brand for subsidiaries of Anchor Labs, Inc., a Delaware company. The brand serves institutions and, in limited cases, high net worth individuals, and is not marketed outside the US and Singapore; that marketing statement does not say where a business may contract. Its bank, Anchorage Digital Bank, N.A. (ADB), provides custody, settlement, staking and governance; Anchorage says clients using its Singapore entity for custody, staking or governance receive those services through Anchorage Digital Singapore Pte Ltd. Since October 2025 ADB has also issued payment stablecoins that carry other companies’ brands. This profile sets out which entity does what, who can redeem those tokens and on what terms, and, for the four tokens with published reserve reports, compares attested June reserves with on-chain supply three months later.
What is verified today
- Charter: live (verified on register). Anchorage Digital Bank National Association, charter 25243, Sioux Falls, South Dakota, appears on the OCC list “Trust Banks Active As of 8/31/2026”.
- Token supply: observed for all six. USAT, USDtb, USDPT and USDGO had attested reserve reports as of 30 June 2026 and non-zero contract supply on 29 September 2026. Issuance and redemption for Clients: company-reported; we have not tested onboarding or redemption, and supply is not evidence of production payment use. For ZLUSD and fUSD we found no reserve report; we read their supply on 1 October 2026 from the contracts Anchorage lists in its documentation, and both are still small.
- Six Series: company-reported. Anchorage’s correspondent-banking page names Tether (USAT), Ethena Labs (USDtb), Western Union (USDPT) and OSL (USDGO). Its stablecoin reserves page (checked 1 October 2026) adds ZLUSD, “issued by Anchorage Digital Bank for institutional counterparties on the Zelle payment network”. Its LayerZero announcement of 21 September 2026 lists Falcon Finance (fUSD) among the stablecoins its issuance platform supports. Anchorage’s user documentation gives official contract addresses for all six (checked 1 October 2026). We have not checked each partner’s own statements for this profile.
- 2022 OCC consent order: terminated. OCC Consent Order AA-ENF-2022-7 (21 April 2022, Bank Secrecy Act and anti-money-laundering programme violations) was terminated by order AA-ENF-2025-44, signed 18 August 2025. The termination order gives no detail beyond finding that the order is no longer required.
Entity and authority
| Entity | Role (company-reported) | Status | Source |
|---|---|---|---|
| Anchor Labs, Inc. (Delaware) | Parent of the Anchorage Digital subsidiaries | Company-reported; it is also the party that agreed to provide capital and liquidity support to the bank as a condition of the 2021 OCC approval | legal page; OCC approval, 13 January 2021 |
| Anchorage Digital Bank, N.A. | Custody, settlement, staking, governance; stablecoin issuer | Verified: OCC charter 25243, active at 31 August 2026. Converted from a South Dakota trust company in 2021 on condition that it limits itself to trust-company activities | OCC trust bank list; OCC approval letter |
| Anchorage Digital NY, LLC | One of the entities that may provide Anchorage Digital services; New York virtual currency licence, BitLicense #0000041 | Verified on register: the NYDFS list of regulated virtual currency entities shows Anchorage Digital NY, LLC with a Virtual Currency License dated 2024-12 (our capture of 23 September 2026; the register blocked our automated recheck on 1 October 2026). The licence number comes from Anchorage’s legal page | NYDFS regulated entities; legal page |
| Anchorage Hold, LLC | Trading | Company-reported | legal page |
| Anchorage Lending CA, LLC | Lending; California finance lender licence 60DBO-11976 | Company-reported; not yet verified: no DFPI register check attempted yet | legal page |
| Anchorage Services, LLC | Commodities brokerage; NFA ID 532710 | Company-reported; not yet verified: no NFA BASIC check attempted yet | legal page |
| Anchorage Digital Singapore Pte Ltd | Custody, staking, governance for Singapore clients | Company-reported; Monetary Authority of Singapore licence not yet verified (MAS Financial Institutions Directory not checked for this draft) | legal page |
The bank’s charter covers the bank only. Trading, lending and brokerage sit in separate companies, so a client’s protections depend on which entity it contracts with.
Product scope, availability and eligibility
| Question | What ADB’s documents say |
|---|---|
| Who can use Anchorage Digital | Institutions and, in limited circumstances, certain high net worth individuals; not marketed outside the US and Singapore. Minimums and onboarding criteria are in the Master Account Agreement, which is not public. |
| Who can redeem the stablecoins | Clients only: persons with an account relationship with ADB in good standing. The USAT statement says USAT is also issued only to Clients; the general terms we quote cover redemption, so Client-only issuance for the other five is not yet verified. ADB “does not redeem Covered Stablecoins from Non-Clients”. A buyer on a trading venue gets the redemption right only if and when it becomes a Client. |
| At what value | Par value applies only to Client redemption with ADB; on third-party platforms the price is whatever the market pays. USAT is issued and redeemed 1:1 “net of any fees disclosed in the USAT Fee Schedule”, which we could not find published. |
| Fees | The fee schedule (updated 25 August 2026) lists no Covered Stablecoin Service Fees for USDtb, USDPT or USDGO. USAT, ZLUSD and fUSD are not on it (rechecked 1 October 2026). |
| How fast | No deadline: ADB uses “commercially reasonable efforts” to redeem promptly and may refuse, suspend or limit requests, including for liquidity management. |
| Freezes | ADB may freeze, block or seize tokens held by Clients and Non-Clients on court orders, regulatory directives, law-enforcement requests or its own view that a transfer is likely unlawful, which “may result in permanent loss of access”. |
| The brand partner’s role | ADB is “the sole issuer of, and the sole obligor for” every Series under the GENIUS Act, the law under which the Fed has now proposed capital rules for stablecoin issuers. A brand on the token creates no rights against ADB for the partner’s customers, and none against the partner for ADB’s. The USAT statement adds that USAT is “separate and distinct from USDT”, Tether’s main dollar token, which Tether International, S.A. de C.V. issues. |
| Insurance on the tokens | The tokens are not insured by the FDIC, NCUA, SIPC or any other programme. The bank’s own deposit-insurance status is not covered by these terms. FDIC BankFind (API query by name, 29 September 2026) returned no institution named Anchorage, active or inactive, so we found no FDIC certificate for ADB; that is a register search result, not a statement from ADB. |
Six tokens, one issuer: June reserves against September supply
| Token (brand partner) | Chains | Redeemable tokens, 30 June 2026 (attested) | Reserves, 30 June 2026 (attested) | On-chain supply, 29 September 2026 (our count) | Change |
|---|---|---|---|---|---|
| USAT (Tether) | Ethereum, Celo; cross-chain via LayerZero since September 2026 | 176,794,845 (plus 10,690,399 minted but not issued) | US$177,423,363 | 183,317,586 on the Ethereum contract, including any unissued tokens (September quantity unknown); unchanged on 1 October 2026. Plus 331,543 on Celo (1 October 2026), see note below | Minted supply down about 4.2 million from 187,485,244; issued share not separated in this analysis |
| USDtb (Ethena Labs) | Ethereum, Solana | 775,079,189 | US$777,181,625 | 537,282,732 (492.49M Ethereum, 44.79M Solana) | About -31% |
| USDPT (Western Union) | Solana | 21,581 | US$122,245 | 17,200,123 | From 21,581 to about 17.2 million |
| USDGO (OSL) | Solana, Morph | 859,224,943 (7 on Morph) | US$861,072,523 | 1,194,633,295 (0 on Morph) | About +39% |
| ZLUSD (Zelle network) | Solana | No reserve report found | 85,151 (1 October 2026) | n/a | |
| fUSD (Falcon Finance) | Ethereum, BNB Smart Chain | No reserve report found | About 60 (58.23 Ethereum, 2.07 BNB Smart Chain; 1 October 2026) | n/a | |
Method: June figures come from ADB’s reserve reports for each token as of 30 June 2026, signed 28 July 2026 (an AICPA examination of management’s reserve assertion, not a financial-statement audit; signed by Deloitte & Touche LLP, a name that appears only as a signature image, which we read visually). September figures are the ERC-20 totalSupply on Ethereum and Morph (blocks 26,082,805 and 27,544,919) and the SPL token supply on Solana (finalized slot 451,628,144), read with our own script; chain totals are simply added, and we did not check for bridged copies. For the three tokens without an unissued category, June redeemable equals June natively minted, so the comparison is minted against minted. On-chain supply is not the same as attested redeemable supply, and there is no reserve figure for September, so this table shows supply movement, not backing. USDGO grew from 50,000,230 tokens at 28 February 2026 to 859 million at 30 June. For scale against the whole market, see our weekly stablecoin supply count.
USAT across chains: Anchorage said on 21 September 2026 that USAT is the first stablecoin issued by ADB “to launch with LayerZero interoperability using the OFT standard”. Anchorage’s documentation lists USAT contracts on Ethereum and Celo, and its stablecoin reserves page gives no supply by chain. On 1 October 2026 we read 183,317,585.5 USAT on Ethereum (block 26,096,865, the same as on 29 September) and 331,543 on Celo (block 78,949,926). Anchorage does not say whether USAT sent to Celo stays locked on Ethereum or is burned there, so total USAT supply was between about 183.3 million and 183.6 million; we do not add the two figures as a single total. The ZLUSD and fUSD figures come from the contracts in the same documentation (Solana slot 452,261,458; Ethereum block 26,096,886; BNB Smart Chain block 125,084,944).
What this means for a holder: the Covered Stablecoin Terms apply to every Series ADB issues, so all six share one issuer and one set of terms, but they are separate Series. The four with reserve reports have very different trajectories, and the two newer ones have no published reserve figures we could find. The brand on the token tells you who markets it; the contractual redemption right runs only to ADB’s Clients, while rights under applicable law are expressly preserved.
Dependencies
- Reserve trust: reserves sit in South Dakota express trusts with ADB as trustee; returns above the 1:1 backing go to ADB as fiduciary compensation. The USAT statement adds that USAT reserve assets are segregated from ADB’s assets and may be held at third-party depositories or custodians.
- Reserve assets, 30 June 2026: USAT: US$17.7 million cash and US$159.7 million reverse repo backed by US Treasuries. USDtb: US$10.2 million cash and US$766.9 million in BlackRock’s BUIDL fund. USDGO: US$9.4 million cash, US$171.0 million BUIDL and US$680.7 million money market funds. USDPT: US$3,116 cash and US$119,129 money market funds.
- Cross-chain transfers: LayerZero is Anchorage’s “preferred interoperability layer” for the stablecoins it issues; USAT is the first to use it. That adds a third-party messaging protocol to how USAT moves between chains. Anchorage’s documentation also says Clients mint and burn USAT through “Hadron, a third-party interface”, not its own Convert flow.
- Banks: not publicly disclosed. Each June report says only that cash “held at major commercial banks may at times exceed the FDIC limit of $250,000” (checked all four reports, the terms and the USAT statement).
- Parent support: Anchor Labs’ capital and liquidity support agreement was an OCC approval condition in 2021; whether it is still in force is not yet verified.
Alternatives
| Anchorage Digital Bank | Paxos Trust Company, N.A. | Circle (USDC; issuer named in the USDC terms: Circle Internet Financial, LLC) | |
|---|---|---|---|
| Who may redeem with the issuer | ADB Clients only | Customers only (stablecoin terms) | Circle Mint account holders (USDC terms) |
| Federal charter | OCC 25243, active 31 August 2026 | OCC 25379, active 31 August 2026; manages USDP and PYUSD (USDG sits with Paxos’s Singapore and Finnish entities) | No Circle entity on the OCC active trust list of 31 August 2026 (name search; absence from this list does not rule out a conditional approval or other permission). State charters not compared here. |
| Issues for other brands | Yes: six partner-branded Series named in its own materials, under one set of terms | PYUSD carries PayPal’s brand; wider white-label terms not compared here | Not compared here |
| Freeze power in terms | Yes, for Clients and Non-Clients, incl. on its own determination | Yes: an aggregate freeze-and-upgrade right over all tokens wherever held, plus legal directives (stablecoin terms 3.5) | Legal-order freeze provision verified; other freeze grounds not compared here |
A company that wants a dollar token under its own brand, issued by a US federally chartered bank, has ADB’s model to look at: the partner lends the brand and ADB issues and redeems. A business that simply needs to move dollars on-chain with direct redemption would compare account terms at ADB, Paxos and Circle; we have not compared minimums or fees, because ADB’s Master Account Agreement is not public.
Limitations and unknowns
- USAT Fee Schedule: not publicly disclosed (checked the fee schedule, the USAT statement, likely URLs and a web search).
- Client eligibility, minimums and account fees: not publicly disclosed; they sit in the Master Account Agreement (checked legal and terms-and-disclosures pages).
- Banks holding reserve cash: not publicly disclosed (checked all four June reports, the terms, the USAT statement).
- Reserve reports after 30 June 2026: not yet verified; July and August reports were not found at the published URL pattern (rechecked 1 October 2026).
- ZLUSD and fUSD reserve reports: not publicly disclosed in the Anchorage sources we checked (stablecoin reserves page, LayerZero announcement, fee schedule, documentation, correspondent-banking and issuance pages).
- How USAT moves between Ethereum and Celo (lock or burn on Ethereum): not publicly disclosed, so the combined USAT supply is a range, not a single figure.
- Where a business may open an ADB account, contract for partner-branded issuance, or redeem, by country and customer type: not yet verified. Checked: Anchorage legal page, Covered Stablecoin Terms (13 Oct 2025), USAT statement (21 Aug 2026); none lists eligible or excluded countries, and “not marketed outside the US and Singapore” is a marketing statement, not an eligibility rule.
- DFPI and NFA registrations of the lending and brokerage subsidiaries: not yet verified.
- Brand partners’ own statements about their roles: not yet verified; the names come from Anchorage.
Key facts (as of 1 October 2026)
- Bank: Anchorage Digital Bank, N.A., OCC charter 25243, Sioux Falls, South Dakota (OCC list, 31 August 2026). Parent: Anchor Labs, Inc. (company-reported)
- New York: Anchorage Digital NY, LLC, BitLicense #0000041 (on the NYDFS register)
- Branded stablecoins named by Anchorage: six (USAT, USDtb, USDPT, USDGO, ZLUSD, fUSD); terms effective 13 October 2025
- Attested redeemable tokens across the four with June reports, 30 June 2026: about 1.81 billion
- On-chain supply, 29 September 2026: about 1.93 billion tokens across the measured contracts and mints; USAT totalSupply includes any unissued tokens, whose September quantity was not determined. On 1 October 2026: USAT also 331,543 on Celo, ZLUSD 85,151, fUSD about 60
- OCC consent order of April 2022: terminated 18 August 2025
Sources
- OCC: active trust banks list, 31 August 2026; conversion approval, 13 January 2021; consent order AA-ENF-2022-7; termination order AA-ENF-2025-44
- ADB reserve reports as of 30 June 2026: USAT, USDtb, USDPT, USDGO; USDGO, 28 February 2026
- Anchorage documentation: Covered Stablecoin Terms, fee schedule, USAT statement, legal entities, stablecoin correspondent banking, stablecoin reserves page, LayerZero announcement, 21 September 2026, stablecoin documentation with contract addresses
- NYDFS: virtual currency regulated entities (captured 23 September 2026)
- Token supply via Ethereum, Solana, Morph, Celo and BNB Smart Chain RPC (Cryptured count, 29 September and 1 October 2026)
- Paxos stablecoin terms; Circle USDC terms
Last updated: 1 October 2026. Next recheck triggered by: new ADB reserve reports (including first reports for ZLUSD or fUSD), a change to the Covered Stablecoin Terms, fee schedule or USAT statement, a new or dropped Series, new LayerZero chains for an ADB token, or any OCC or NYDFS action involving Anchorage.
