Tether, Anchorage tap Deloitte for first USAT stablecoin reserve report. Deloitte performed USAT’s first attestation, linking the Big Four accounting firm with Tether’s U.S.-regulated stablecoin

Deloitte has issued the first reserve attestation for USAT, a U.S.-regulated stablecoin structure that links Tether with Anchorage Digital Bank and, for the first time, a Big Four accounting firm. The engagement gives a dollar-by-dollar snapshot of reserves backing the token but remains a limited attestation rather than a full audit. USAT is a U.S.-regulated, fiat‑pegged stablecoin program in which Anchorage Digital Bank NA, a federally chartered crypto bank, is the issuer of the token while Tether provides the reserves and stablecoin expertise. The first reserve report, prepared by Anchorage and examined by Deloitte & Touche, covered balances as of Jan. 31, 2026, and found about $17.6 million in reserve assets backing roughly 17.5 million USAT tokens outstanding, with a small excess buffer. The reserves consisted of approximately $3.65 million in cash and $13.95 million in reverse repurchase agreements collateralized by U.S. Treasury securities, held via a U.S. broker‑dealer and in bank/brokerage accounts that typically carry federal insurance protections, although some balances exceeded standard coverage limits. Deloitte stated that the report was prepared in line with the AICPA’s 2025 criteria for asset‑backed, fiat‑pegged tokens, but the firm did not opine on internal controls, regulatory compliance beyond those criteria, or the broader financial condition of the companies involved. The attestation is notable because it represents the first time a Big Four accounting firm has signed off on a reserve report connected to Tether, which for years has said large audit firms were unwilling to work with it even as regulators and market participants pushed for stronger transparency around stablecoin reserves. USAT itself was launched to comply with new U.S. stablecoin regulations, positioning it as a more tightly supervised alternative to Tether’s flagship offshore stablecoin USDT. Market data and follow‑on reserve reports indicate strong early growth, with USAT’s supply reportedly expanding several‑fold in subsequent months as institutions and platforms tested the new regulated design. The Deloitte engagement underscores an emerging model where U.S.‑regulated banks like Anchorage issue stablecoins under domestic rules, while established crypto firms like Tether supply liquidity and operational expertise, potentially shaping how future U.S. dollar‑backed tokens are structured.

✨ AI-generated background, compiled from web sources — not editorial content.

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