Tether, Anchorage Tap Deloitte for First USAT Stablecoin Reserve Report
Anchorage Digital hired Deloitte to produce the first attestation report for USAT, Tether’s regulated U.S. dollar stablecoin. As of January 31, USAT’s reserves, held in cash and U.S. Treasuries, exceeded its circulating supply by about $100,000, totaling $17.6 million versus $17.5 million in circulation. These reserves are kept at U.S.-based financial institutions. The attestation was prepared under an industry-standard framework but did not assess ongoing reserve management or regulatory compliance. USAT’s launch follows new U.S. stablecoin rules from the GENIUS Act, which mandate stricter reserve requirements than Tether’s global USDT, which remains only partially backed by cash equivalents. Tether aims for USAT to meet federal compliance standards and appeal to institutional users, leveraging Anchorage’s status as a federally chartered digital asset bank. Despite previous controversies, including lack of a full audit for its reserves and regulatory scrutiny of USDT, Tether now considers independent auditing a top priority. Deloitte also provides attestation services for Circle’s USDC stablecoin.
