Tether’s USA₮ holds above $175 million as reserve surplus hits record

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 Account...