Deloitte has prepared the first attestation report for USAT stablecoin, issued by Anchorage Digital. This collaboration marks a significant step for Tether in establishing a regulated stablecoin presence in the United States.
The report confirmed that as of January 31, USAT's reserves exceeded its circulating supply, totaling $17.6 million against $17.5 million, indicating a modest surplus shortly after its launch.
USAT reserves are comprised of cash and U.S. Treasuries held by U.S.-based financial institutions. This framework aligns with standards set by the accounting profession.
Tether CEO Paolo Ardoino stated, "Anchorage Digital Bank is establishing a clear standard of accountability and financial strength. We intend to help define the next chapter of digital dollars in the United States."
Tether USAT, led by CEO Bo Hines, aims to combine Tether's global operational scale with Anchorage's federal charter, granted in 2021, making it the first federally chartered digital asset bank.
The U.S. stablecoin landscape is evolving, with regulatory frameworks like the GENIUS Act influencing requirements for reserve backing. This contrasts with Tether's flagship USDT, which has faced scrutiny for its diverse backing assets and past associations with illicit activities.
Deloitte's involvement with USAT underscores Tether's strategy to build federal compliance around its U.S. operations, potentially reassuring institutional investors.
While Deloitte's report verifies the existence of reserves at a specific point in time, it does not assess day-to-day reserve management or compliance with federal laws. Similarly, Anchorage declined to comment.
Deloitte also serves as the independent auditor for Circle, Tether's major competitor, producing attestation reports for USDC reserves since January 2023.