Anchorage Digital Bank’s April 30 attestation shows 140,850,950 redeemable USAT outstanding, up from 22,050,123 at March-end. Reserves totaled $141.18M against the supply, leaving a $327,450 surplus. The backing is mostly Treasury-collateralized reverse repos at $127.75M, with $13.43M in cash, so USAT is growing fast but still tiny next to Tether’s main USDT stack.

TLDR by @Benthic