Deloitte, one of the Big Four firms, says that USAt, Tether’s new US-regulated stablecoin issued by Anchorage Digital Bank, has $17.6 million in reserves.
Deloitte & Touche, one of the Big Four accounting companies, has given an independent attestation to the reserve report that backs USAt a new US-regulated stablecoin from Anchorage that releases USAT with Tether’s endorsement.
Deloitte wrote a letter on February 27 saying that it looked into Anchorage’s claim that the USAt (USAT) Reserve Report was made in line with the American Institute of Certified Public Accountants’ 2025 standards for tokens that are backed by assets and pegged to fiat currency.
Deloitte said, We believe that management’s claim 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.
USAt, which started in January, runs on Ethereum and is set up to keep a precise one-to-one peg with the US dollar. The stablecoin was made to follow the rules of the GENIUS Act, which is a US federal law that went into effect in July 2025.
Source: Deloitte
$17.6 Million in Backing Assets
The letter said that there were 17,501,391 USAt tokens still outstanding at the time of the report. Anchorage had $17,604,716 in reserve assets, which left a surplus of $103,325. There was $3.65 million in cash and $13.95 million in reverse repurchase agreements backed by US Treasury securities in the reserves.
The reverse repurchase agreements were only for a limited time, ending between January 30 and February 2. A US broker-dealer kept them. The rest of the cash was housed in bank and broking accounts that usually carry government insurance, but some of the balances were higher than the normal coverage limitations.
“All USAt tokens can be exchanged for cash.” The paper notes, “There are no temporary or permanent USAT nonredeemable tokens.”
This is the first time that a Big Four accounting firm has approved a reserve attestation related to Tether. Deloitte’s job, on the other hand, was only to do an attestation engagement, not a comprehensive financial audit. The study didn’t look at internal controls, compliance with rules and regulations beyond what was required, or the company’s overall financial condition.
Stablecoin Market Outlook and Supply Shifts
Last month, experts at Standard Chartered confirmed their prediction that the stablecoin market will reach $2 trillion by the end of 2028. They also lowered their short-term predictions for demand for US Treasury bills.
The researchers noted that the decline in the stablecoin market, which has been approximately $300 billion, is cyclical rather than systemic.
At the same time, Tether’s USDt is on track for its biggest monthly supply loss in three years. The circulating supply dropped by around $1.5 billion in February after dropping by $1.2 billion in January. Tether, on the other hand, argued that the drop is due to changes in short-term distribution, not a drop in demand. They pointed out that the rival stablecoin USDC also saw a multibillion-dollar drop in supply during the same time.