What Is USDGO? The Enterprise Stablecoin From OSL and Anchorage

Two companies share the work. Anchorage Digital Bank, N.A. is the legal issuer. Its terms state that it is the "sole issuer of, and the sole obligor for" its stablecoins under the US GENIUS Act, even when it uses outside service providers ⁷. OSL Group owns the USDGO brand. It runs the product and distributes it through licensed subsidiaries ¹⁶.

That split has a practical effect. Any redemption right is against Anchorage, not OSL. Anchorage's terms say service providers are not its agents, and that their communications do not bind the bank unless it approves them in writing ⁷. When an OSL page and Anchorage's terms differ, the bank's terms govern.

Anchorage's terms require reserves at least equal to outstanding tokens at the end of each business day. Those reserves are held in a South Dakota trust, with the bank as trustee ⁷. Any income above what is needed for 1:1 backing goes to Anchorage as compensation, not to holders ⁷.

The reserve is unusual in that most of it is tokenized fund shares rather than bank deposits. On October 21, 2026, usdgo.com showed this mix ⁴:

The latest attestation read is dated July 31, 2026. It counted 1,112,640,495 redeemable USDGO and $1,116,301,304 in reserves, a surplus of about $3.7 million ⁵. All supply in that report sat on Solana. Cash was $11.1 million, the BUIDL position $312.4 million and money-market funds $792.8 million ⁵. The examination covers the reserve figures only. It does not test legal compliance or internal controls ⁵. The USDGO site names Deloitte as the accounting firm; Anchorage's page says only "Big Four" ⁴⁶.

Businesses start by contacting the USDGO team, which handles onboarding and integration ³. Minting and redemption run through Anchorage Digital Bank at 1:1 with US dollars ³. Under the bank's terms, it issues and redeems "exclusively" for clients under its Master Account Agreement. It may refuse, limit, delay or suspend requests for verification, compliance, liquidity or operational reasons ⁷. Both mint and redemption are at par "net of any applicable fees" in a fee schedule ⁷. OSL has described conversion as free of extra redemption fees ⁸, but the published fee schedule was not located.

Everyone else acquires USDGO through OSL's platforms or other venues and holds it as a non-client. The terms say non-clients have "no enforceable rights" against the bank. The right to redeem passes to a buyer only once that buyer becomes a client ⁷. In practice, a retail holder exits by selling or converting on a trading venue at the market price. usdgo.com links to OSL's USDGO-to-USDC conversion page and a USDGO/IDR pair on OSL Indonesia ¹⁰.

Transfers are on-chain and final. Holders pay their own gas. Tokens sent to a wrong or compromised address cannot be recovered by the issuer ⁷.

USDGO started on Solana. The transparency page now lists official contracts on Solana (72puLt71H93Z9CzHuBRTwFpL4TG3WZUhnoCC7p8gxigu) and on Ethereum and Morph (0x4CF5920Df52F5b1f246e2E38E1786Ae1Cf03ECF5) ⁴. Anchorage can add or drop supported chains at its discretion ⁷. Check addresses against usdgo.com before receiving funds, since similarly named tokens exist.

• No direct claim for non-clients. Only Anchorage clients can redeem with the issuer ⁷.
• Freeze and seizure. Anchorage can freeze, block or seize USDGO held by clients and non-clients when legally required. Holders can permanently lose access ⁷.
• No deposit insurance. USDGO is not insured by the FDIC, NCUA or SIPC and is not legal tender ⁷.
• Reserve structure. Most backing sits in tokenized money-market funds. These are liquid but are not cash at a bank, and they depend on the fund managers and transfer agents involved ⁴⁵.
• Short history. USDGO has traded since February 2026 ². DefiLlama showed $1.0001 on October 23, 2026 ⁹. See our guide to stablecoin depegs.