Deloitte Attests to Reserves of Tether-Backed USAT, Marking Push Toward Transparent Regulation
The United States signed the GENIUS Act into law on July 18, 2025, establishing reserve and disclosure requirements for payment stablecoins. USAT is issued by Office of the Comptroller of the Currency-regulated Anchorage Digital Bank with support from Tether and operates separately from USDT, which has not undergone a full financial-statement audit. The report is significant because it marks the first time a Big Four accounting firm has issued an attestation opinion for a Tether-related product.
Anchorage Digital Bank released the first report on February 28, 2026, with Deloitte & Touche providing assurance as of January 31. At that date, 17,501,391 USAT tokens were in circulation, backed by $17,604,716 in reserves, leaving an excess of $103,325. The reserves consisted of $3,654,716 in cash and $13,950,000 in repurchase agreements collateralized by U.S. Treasurys.
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The history behind this eventTether Secures Clean KPMG Opinion in First Full Audit
USDT is the world’s largest dollar-pegged stablecoin, with about $180 billion in circulation, and serves as a key settlement asset for crypto trading, payments and cross-border transfers. Tether had previously published quarterly reserve attestations, which test balances at a specified date but do not examine a full set of financial statements over a reporting period. The absence of a comprehensive audit had fueled longstanding questions about the quality, ownership and valuation of reserves backing USDT, as well as counterparty and systemic risks.
Tether said on Aug. 13, 2026, that KPMG U.S. issued an unqualified opinion on its financial statements for the year ended Dec. 31, 2025, its first full audit. The accounts showed reserves exceeded liabilities by $6.814 billion and net profit topped $10 billion. KPMG’s work covered the balance sheet, operations, cash flows, asset ownership, valuation and counterparties. Auditors also visited a vault to physically inspect and count Tether’s gold bars rather than relying only on custodian records.
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