Deloitte Approves Anchorage’s Report for Tether’s USAt Stablecoin
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Deloitte has officially confirmed the reserves supporting USAt, Anchorage Digital Bank’s new stablecoin regulated in the United States. The independent attestation asserts that USAt is backed by reserves amounting to $17.6 million, a significant milestone in the stablecoin’s development.
The report, dated February 27, 2026, examines the compliance of Anchorage’s USAt Reserve Report with the standards set by the American Institute of Certified Public Accountants (AICPA) for asset-backed tokens pegged to fiat currency. The assessment specifically pertains to the reserves as recorded on January 31, 2026.
Deloitte indicated that it found Anchorage’s representation regarding the preparation of the reserve report to be accurate in almost all critical aspects. USAt, which debuted in January, operates on the Ethereum blockchain and is designed to maintain a stable one-to-one value with the US dollar, adhering to the regulations set forth by the GENIUS Act, instituted in July 2025.
The letter from Deloitte highlights that as of the reporting date, there were 17,501,391 USAt tokens in circulation. The reserve assets reported included $17,604,716, surpassing the token liabilities by $103,325. Specifically, the reserves comprised $3.65 million in cash and $13.95 million in reverse repurchase agreements, which were backed by US Treasury securities and set to mature shortly after the report date.
The cash reserves were held in federally insured accounts, although some amounted to more than the typical coverage limits. The report emphasizes that all issued USAt tokens are fully redeemable, with no tokens currently unredeemable.
This attestation marks the first instance where a major accounting firm has validated the reserves linked to Tether, indicating a growing trend towards regulatory compliance in the cryptocurrency sector. However, it’s important to note that Deloitte’s review was limited to an attestation engagement and did not encompass a comprehensive financial audit. Thus, aspects such as internal controls and broader regulatory compliance were not included in the review.
Meanwhile, analysts at Standard Chartered recently reaffirmed their prediction that the total market value of stablecoins could reach $2 trillion by the end of 2028. Despite the stablecoin market cap hovering around $300 billion during a slowdown in the broader cryptocurrency market, analysts believe this downtrend is cyclical rather than indicative of long-term decline.
The stablecoin market is currently experiencing fluctuations, with Tether’s USDt seeing significant reductions in circulating supply recently. This contraction, which involved a decrease of around $1.5 billion in February following a $1.2 billion drop in January, is attributed to distribution shifts rather than reduced demand.
As the cryptocurrency landscape continues to evolve, the validation of reserves for USAt by Deloitte signifies a crucial step for regulatory acceptance and trust in emerging stablecoins.
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