Tether, Anchorage Tap Deloitte for First USAT Stablecoin Reserve Report

Anchorage Digital Taps Deloitte for USAT Attestation Report Amid Regulatory Push

Anchorage Digital has engaged Deloitte to produce the first attestation report for its USAT stablecoin, a move that aligns with Tether's strategy to offer a regulated stablecoin in the U.S. The report confirmed that as of January 31, USAT's reserves, comprising cash and U.S. Treasuries held in U.S. financial institutions, exceeded its circulating supply, totaling $17.6 million against $17.5 million, respectively. This provided a cushion of approximately $100,000 shortly after the token's launch.

Tether's Strategy and Regulatory Landscape

Tether USAT stated that its token merges Tether's global operational capabilities with Anchorage Digital's established track record under a U.S. federal framework. Anchorage Digital Bank, chartered in 2021, is recognized as the first federally chartered digital asset bank. Tether CEO Paolo Ardoino emphasized Anchorage Digital Bank's role in setting standards for accountability and financial strength, aiming to shape the future of digital dollars in the U.S. Tether USAT is led by CEO Bo Hines, a former executive director of the White House's digital assets working group.

The introduction of USAT follows the passage of the GENIUS Act, a stablecoin framework that mandates U.S. operating companies adhere to reserve requirements. This differs from Tether's main USDT stablecoin, valued at $183 billion, which is partially backed by Bitcoin and gold and has faced scrutiny for its role in facilitating criminal activity. Tether relocated its headquarters to El Salvador last year.

Deloitte's involvement with USAT's attestation report underscores Tether's dual approach: establishing federal compliance for its U.S. stablecoin to appeal to institutional investors while managing its broader international operations. Previously, Ardoino indicated that Big Four firms were hesitant to audit Tether's books due to potential reputational damage, though securing a full, independent audit remained a priority.

Limitations of the Attestation Report

The attestation report prepared by Deloitte focused solely on verifying the existence of USAT's reserves at a specific point in time and did not assess Anchorage's day-to-day reserve management practices. Furthermore, Deloitte did not determine whether the stablecoin reserves complied with any federal, state, or local laws or regulations.

Comparison with Competitors

Circle, a primary competitor to Tether, also appointed Deloitte as its independent auditor starting in its 2022 fiscal year. Consequently, Deloitte has been producing attestation reports for USDC's reserves since January 2023.