# Anchorage Issues USAT as OCC’s GENIUS Act Application Process Remains Unopened By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/42382 Published: 2026-10-28T05:49:59.000Z Updated: 2026-10-28T05:49:59.000Z Section: Regulation > Tether provides technology and supports the token’s branding, strategy and distribution. Only approved customers can mint or redeem USAT directly. Anchorage Digital Bank, N.A. is the sole issuer of USAT, while the OCC had not opened the GENIUS Act application process by Oct. 27, and public materials did not show USAT authorized under the law. Tether provides technology and supports USAT’s branding, strategy and distribution. It is not the issuer and has no obligation to redeem or guarantee USAT. USAT and USDT are separate products with different issuers and legal arrangements. Anchorage’s terms allow only approved customers to mint or redeem USAT directly. Other holders generally must use exchanges or secondary markets. As of Aug. 31, 2026, USAT had about 175.7 million tokens in redeemable circulation and about $176.4 million in reserve assets. The GENIUS Act took effect July 18, 2025, and its main issuer framework is scheduled to begin Jan. 18, 2027. The OCC issued its main implementing rule Oct. 21. The law’s [issuer requirements]() set the framework for that start date. ## Links in this article - [issuer requirements](https://www.tokenpost.com/news/regulation/37103)