How USDGO holds its peg

USDGO is a dollar stablecoin for companies, launched in February 2026 by OSL Group of Hong Kong and issued by Anchorage Digital, a US national trust bank. It has no blockchain of its own: it's a token, nearly all of it on Solana, created when dollars reach Anchorage and destroyed when they leave.

Read how it works

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Just minted and burned

    USDGO tokens dollars, into and out of the reserve tokens being burned a chain's ledger flashes as its supply changes reserve: money funds, BlackRock BUIDL, cash
    Supply by chain Reading supplies…
    How this is read

    Each chain's raw on-chain supply, read from a public node every 10 to 60 seconds: the mint account on Solana and totalSupply on Ethereum and Morph. Use the arrow keys to read each row.

    USDGO supply on each chain
    ChainSupplyShareRead at
    Minted and burned
    • minted, up
    • burned, down

    Use the left and right arrow keys to read each column. In live mode each column is five minutes; periods before you connected include only Ethereum.

    USDGO minted and burned in each recent period
    PeriodMintedBurnedNet
    What just happened (illustrative) 0 USDGO in circulation 0 in reserve 0 minted 0 burned 0 chains shown

      The parts that make this work

      What USDGO is, and who issues it

      USDGO is a token that Anchorage Digital Bank promises to redeem for one US dollar. OSL Group, a Hong Kong-listed digital asset company (863.HK), launched it on February 10, 2026 with a first mint of $50 million on Solana. The two split the work: Anchorage, a national trust bank chartered and supervised by the US Office of the Comptroller of the Currency (OCC), issues the token, holds the reserve and runs minting and redemption; OSL owns the brand and distributes it, in Hong Kong through its licensed exchange, OSL Digital Securities.

      It's built for companies rather than traders: cross-border payments, trade settlement and treasury. The model is the same one PayPal USD uses with Paxos, a brand on top and a regulated trust company underneath, and Anchorage issues stablecoins for other brands the same way.

      Minting and redeeming

      Only institutions Anchorage has onboarded and checked mint and redeem directly: they wire dollars and receive newly minted USDGO, or send USDGO back, it is burned, and dollars are returned, one for one. Everyone else gets USDGO from those institutions or on exchanges. That arbitrage holds the price near a dollar: when USDGO trades below $1, an approved firm can buy it and redeem it at par. Supply has grown fast: 50 million at the end of February, 302 million at the end of April, 859 million at the end of June and 1.24 billion at the end of August, before slipping to 1.19 billion by October 1, 2026.

      What backs each token

      Anchorage publishes a reserve report every month, and Deloitte & Touche examines it for reasonable assurance against the AICPA's 2025 stablecoin criteria. The reserve is held in segregated fiduciary trust accounts, unencumbered, for the benefit of token holders. On August 31, 2026 at 11:59:59 pm UTC it reported 1,244,426,424 USDGO outstanding against $1,248,950,562 of assets, 0.36 % more.

      USDGO reserve, August 31, 2026
      Held inUS dollars
      Two money market funds, at net asset value773,973,221
      BlackRock USD Institutional Digital Liquidity Fund (BUIDL), self-custodied on Solana462,545,429
      Demand deposits at FDIC-insured US banks12,431,912
      Total reserve assets1,248,950,562

      BUIDL is a private, unregistered money market fund domiciled in the British Virgin Islands and permitted to hold Treasury bills, notes and repo on them; Securitize issues and redeems its tokens at net asset value daily. The report names the two other funds only by CUSIP. Of the cash, $12,181,912 was above the FDIC's insurance limit. The mix has shifted: in February the reserve was 90 % BUIDL and 10 % cash, with money funds first appearing in April. The figures are monthly and mostly off-chain: live mode shows them as reported, not as they are now. Source: USDGO Reserve Report, August 2026 (PDF, dated September 28, 2026), linked from Anchorage's USDGO attestations page.

      Where USDGO lives

      The August report counted every redeemable USDGO on Solana, at the mint 72puLt71H93Z9CzHuBRTwFpL4TG3WZUhnoCC7p8gxigu. On October 1, 2026 it held 1,186,633,294. On September 17, 2026 Anchorage deployed a new contract at the same address on Ethereum and Morph, a layer 2 built on Ethereum: 0x4cf5920df52f5b1f246e2e38e1786ae1cf03ecf5. By October 1 it held 185 USDGO on Ethereum and 83 on Morph, from test mints of one to a few hundred tokens. The reports name an earlier Morph contract that holds nothing today.

      What the issuer can do on-chain

      On Solana, USDGO uses the Token-2022 program and switches on most of its controls. The issuer can freeze any account, pause every transfer, and, through a permanent delegate, move or burn tokens from any wallet, which is how a regulated issuer complies with a court order or sanctions. A transfer-fee setting exists but is set to zero. Anchorage holds these keys and the key that mints. The August report showed no frozen or otherwise non-redeemable USDGO.

      Regulation

      USDGO's issuer is a US bank, not a Hong Kong one. Anchorage Digital Bank received the first OCC national trust charter for a crypto company in January 2021, and OSL and Anchorage say USDGO is designed for the reserve and disclosure rules of the GENIUS Act, the US stablecoin law signed in July 2025. OSL's role as distributor falls under Hong Kong's virtual asset rules; USDGO is not a stablecoin licensed by the Hong Kong Monetary Authority.

      What live mode shows, and what the animation simplifies

      Live mode reads all three chains straight from public nodes every 10 to 60 seconds and adds them up. On Ethereum it polls for mints and burns every 30 seconds; on Solana and Morph it shows a change in supply between two readings as a net mint or burn. Mints and burns come a few times a day, so the chart uses five-minute columns and may stay empty for a while. In place of a transfer rate, the fourth figure is Solana's share of the supply. Every figure is real except the reserve, which comes from the latest monthly report and is labelled with its date. Step-by-step mode starts from an illustrative billion, all on Solana.