Deloitte & Touche, one of the Big Four accounting firms, issued an independent attestation on the reserve report backing USAt, a new US-regulated stablecoin from Anchorage, which is issuing USAT with Tether’s support.
In a letter dated Feb. 27, Deloitte said it examined Anchorage’s assertion that the USAt (USAT) Reserve Report was prepared in accordance with the American Institute of Certified Public Accountants’ 2025 criteria for asset-backed, fiat-pegged tokens. The report covers reserves 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 wrote.
Launched in January, USAt runs on Ethereum and is structured to maintain a strict one-to-one peg with the US dollar. The stablecoin is specifically designed to comply with the GENIUS Act, a US federal regulatory framework enacted in July 2025.
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USAt reserves top $17.6 million
According to the letter, 17,501,391 USAt tokens were outstanding at the reporting date. Anchorage reported $17,604,716 in reserve assets, leaving a surplus of $103,325. The reserves consisted of $3.65 million in cash and $13.95 million in reverse repurchase agreements collateralized by US Treasury securities.
The reverse repurchase agreements were very short-term, maturing between Jan. 30 and Feb. 2, and were held through a US broker-dealer. The remaining cash was kept in bank and brokerage accounts that typically have federal insurance protections, though some balances were above the standard coverage limits.
“All USAt issued tokens are redeemable. There are no temporary or permanent USAT nonredeemable tokens,” the report said.
This marks the first time a Big Four accounting firm has signed off on a reserve attestation connected to Tether. Still, Deloitte’s role was limited to an attestation engagement rather than a full financial audit. The review did not assess internal controls, regulatory compliance beyond the stated criteria or broader financial health.
Related: Tether-backed Oobit adds crypto-to-bank transfers for local payment networks
Standard Chartered maintains $2 trillion stablecoin market forecast
Last month, Standard Chartered analysts reaffirmed their projection that the stablecoin market will grow to $2 trillion by the end of 2028, even as they trimmed short-term expectations for US Treasury bill demand.
Although the stablecoin market cap has hovered around $300 billion amid a broader crypto slowdown, the analysts said the weakness was cyclical rather than structural.
Meanwhile, Tether’s USDt is heading toward its steepest monthly supply contraction in three years, with circulating supply shrinking by about $1.5 billion in February after a $1.2 billion drop in January. Tether said the reduction reflects short-term distribution shifts rather than falling demand, noting that rival stablecoin USDC (USDC) also recorded a multibillion-dollar supply decrease over the same period.
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