Tether's USA₮, a tokenized U.S. Treasury product, saw its supply grow roughly six-fold month-over-month to over 140 million tokens, according to an attestation published by Anchorage Digital. The scale of growth suggests institutional actors are actively deploying into tokenized T-Bill structures, with Anchorage providing third-party verification of reserves backing the tokens.
Armada's crypto-repo desk already accepts tokenized T-Bills as collateral, making USAT a potential candidate for inclusion. The Anchorage attestation model sets a benchmark for how collateral verification might work operationally. However, the rapid supply expansion warrants review of concentration risk limits and a check that Fireblocks custody arrangements and no-rehypothecation policy can accommodate USAT-specific custody flows if onboarded.