Big Four Auditor Deloitte Validates Reserve Holdings for Tether-Backed USAt Stablecoin from Anchorage
Accounting giant Deloitte confirms $17.6 million reserve backing for USAt, the newly launched US-regulated stablecoin from Anchorage Digital Bank in partnership with Tether.
One of the world's Big Four accounting firms, Deloitte & Touche, has provided an independent attestation regarding the reserve holdings supporting USAt, Anchorage's newly introduced US-regulated stablecoin that has been issued with backing from Tether.
According to a letter bearing the date of Feb. 27, Deloitte confirmed it had reviewed Anchorage's claim that its USAt (USAT) Reserve Report was compiled in conformity with the 2025 standards established by the American Institute of Certified Public Accountants for fiat-pegged, asset-backed tokens. The reserve holdings detailed in the report are as of Jan. 31, 2026.
"In our opinion, management's assertion that the USAt Reserve Report is prepared in accordance with the criteria set forth therein as of the Report Date is fairly stated, in all material respects,"
Deloitte
Introduced to the market in January, USAt operates on the Ethereum blockchain and is engineered to preserve a precise one-to-one parity with the United States dollar. The digital asset has been deliberately constructed to adhere to the GENIUS Act, a federal regulatory framework in the United States that became law in July 2025.
USAt reserves top $17.6 million
Based on information contained in the letter, there were 17,501,391 USAt tokens in circulation as of the date of the report. Anchorage disclosed reserve assets totaling $17,604,716, which resulted in an excess of $103,325. The reserve composition included $3.65 million held in cash alongside $13.95 million invested in reverse repurchase agreements that are collateralized using US Treasury securities.
The reverse repurchase agreements carried extremely short maturity periods, coming due between Jan. 30 and Feb. 2, and were maintained through a broker-dealer operating in the United States. The cash portion remained in banking and brokerage accounts that generally carry federal insurance protections, although certain balances exceeded the standard coverage thresholds.
"All USAt issued tokens are redeemable. There are no temporary or permanent USAT nonredeemable tokens,"
Reserve Report
This represents the first occasion on which one of the Big Four accounting firms has provided approval for a reserve attestation linked to Tether. Nevertheless, Deloitte's involvement was confined to conducting an attestation engagement as opposed to performing a comprehensive financial audit. The examination did not include evaluation of internal control systems, regulatory compliance outside the specified criteria, or the overall financial condition.
Standard Chartered maintains $2 trillion stablecoin market forecast
In the previous month, analysts from Standard Chartered reiterated their prediction that the market for stablecoins will expand to reach $2 trillion by the conclusion of 2028, despite reducing their near-term projections regarding demand for US Treasury bills.
While the overall market capitalization for stablecoins has remained in the vicinity of $300 billion during a wider cryptocurrency market downturn, the analysts emphasized that this weakness represents a cyclical phenomenon as opposed to a structural issue.
In other developments, Tether's USDt is approaching its most significant monthly supply reduction in three years, with the amount in circulation decreasing by approximately $1.5 billion throughout February following a decline of $1.2 billion during January. Nevertheless, Tether explained that this reduction is indicative of short-term distribution adjustments rather than diminishing demand, highlighting that competing stablecoin USDC similarly experienced a multibillion-dollar supply decline during the identical timeframe.