Deloitte has produced the first attestation report for the USAT stablecoin, issued by Anchorage Digital in partnership with Tether. The report, dated January 31, shows reserves of $17.6 million slightly exceeding the token’s $17.5 million circulating supply, backed by cash and U.S. Treasuries. This step supports Tether’s strategy for a compliant U.S. offering, while its global USDT lacks a full audit. Deloitte also serves rival Circle, and Tether CEO Paolo Ardoino highlighted accountability in the U.S. digital dollar space.
Deloitte prepared the first attestation report for USAT on behalf of issuer Anchorage Digital, as detailed in the report. This links the accounting firm with Tether‘s efforts to launch a regulated stablecoin in the United States.
The report indicated reserves valued at $17.6 million surpassed the $17.5 million circulating supply for a $100,000 cushion. These reserves consist of cash and U.S. Treasuries held at American financial institutions.
In a blog post, Tether USAT stated the token combines Tether’s global scale with Anchorage’s federal framework. Anchorage became the first federally chartered digital asset bank in 2021.
Tether CEO Paolo Ardoino said, “Anchorage Digital Bank is establishing a clear standard of accountability and financial strength.” He added, “We intend to help define the next chapter of digital dollars in the United States.”
Tether USAT is led by CEO Bo Hines, a former White House digital assets working group executive. USAT’s debut followed the GENIUS Act, which imposes reserve requirements differing from Tether’s $183 billion stablecoin backed by Bitcoin and gold.
Deloitte’s role underscores Tether’s bifurcated approach to secure U.S. compliance amid institutional caution. Tether’s reserves have never undergone a full audit, and USDT has faced scrutiny for facilitating criminal activity.
Ardoino told DL News that Big Four firms shy from auditing Tether due to reputation risks. However, he called securing a firm like Deloitte for a full, independent audit a “top priority.”
The attestation report did not evaluate day-to-day reserve management or legal compliance. Circle appointed Deloitte as its independent auditor in 2022, with attestation reports for USDC since January 2023, according to its transparency page.
