Tether’s USA₮ stablecoin maintained more than $175 million in circulation for a second consecutive month as its reserve surplus reached a record high, according to a reserve report released by Anchorage Digital Bank.
USA₮ had 175,245,527 redeemable tokens outstanding as of July 31, up roughly tenfold from the 17.5 million tokens reported at the end of January.
Reserve assets totaled $175.9 million, exceeding redeemable tokens outstanding by $661,079. The surplus was about 5% higher than the $628,518 reported in June and marked the highest level recorded to date.
About $158.4 million, representing roughly 90% of the reserve portfolio, was held in reverse repurchase agreements backed by US Treasury securities. The remaining $17.5 million was held in cash.
Anchorage Digital Bank said the assets were maintained in segregated and unencumbered fiduciary trust accounts for of USA₮ holders.
The July figures indicate that circulation has remained relatively stable after expanding rapidly during the first half of the year. USA₮ has now remained above $175 million across two consecutive month-end reports.
The reserve report was prepared under the American Institute of Certified Public Accountants’ 2025 criteria for reporting on asset-backed fiat-pegged tokens.
Tether CEO Paolo Ardoino said the company sees stablecoins becoming a larger part of the infrastructure used for payments and settlement as financial activity moves onto digital systems.
USA₮ CEO Bo Hines said the company is positioning the stablecoin for businesses and institutions seeking a digital dollar issued under US banking oversight.
USA₮ is being expanded across payments, settlement, treasury operations, and digital platforms as Tether builds out its US focused stablecoin business.
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