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.