Deloitte Issues First Attestation for Tether-Backed USAt Stablecoin Under US Regulation

Deloitte & Touche, one of the Big Four accounting firms, has completed an independent reserve attestation for USAt, a newly launched US-regulated stablecoin issued by Anchorage Digital with backing from Tether. This represents the first instance of a major accounting firm providing formal attestation for a stablecoin project connected to Tether.

First Big Four Attestation Tied to Tether

In a formal letter dated February 27, Deloitte confirmed it examined Anchorage's assertion that the USAt (USAT) Reserve Report was prepared according to the American Institute of Certified Public Accountants' 2025 criteria for asset-backed, fiat-pegged tokens. The reserves reviewed were current as of January 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," the firm stated in its letter.

However, it's important to note that Deloitte's engagement was limited to an attestation rather than a comprehensive financial audit. The review did not evaluate internal controls, regulatory compliance beyond the specified criteria, or the overall financial health of the issuer.

USAt Stablecoin Structure and Compliance

Launched in January 2026, USAt operates on the Ethereum blockchain and is designed to maintain a strict one-to-one peg with the US dollar. The stablecoin was specifically structured to comply with the GENIUS Act, a federal regulatory framework that became law in July 2025.

According to Deloitte's attestation letter, 17,501,391 USAt tokens were in circulation at the reporting date. Anchorage reported holding $17,604,716 in reserve assets, creating a surplus of $103,325 above the issued token value.

The reserve composition included $3.65 million in cash and $13.95 million in reverse repurchase agreements collateralized by US Treasury securities. These reverse repurchase agreements were extremely short-term instruments, maturing between January 30 and February 2, and were held through a US broker-dealer.

The remaining cash reserves were maintained in bank and brokerage accounts that generally carry federal insurance protections, although some balances exceeded standard coverage limits. Importantly, the report confirmed that "all USAt issued tokens are redeemable. There are no temporary or permanent USAT nonredeemable tokens."

Broader Stablecoin Market Outlook

Despite current market conditions, Standard Chartered analysts recently reaffirmed their forecast that the stablecoin market will reach $2 trillion by the end of 2028, even as they adjusted near-term expectations for US Treasury bill demand.

The stablecoin market capitalization has remained around $300 billion amid a broader cryptocurrency market slowdown. However, analysts characterize this weakness as cyclical rather than structural, suggesting long-term growth potential remains intact.

Tether Supply Trends

Meanwhile, Tether's USDt is experiencing its sharpest monthly supply contraction in three years. Circulating supply decreased by approximately $1.5 billion in February, following a $1.2 billion decline in January.

Tether attributed these reductions to short-term distribution shifts rather than declining demand, pointing out that competitor USDC also recorded multi-billion-dollar supply decreases during the same timeframe.

Coinasity's Take

Deloitte's attestation of USAt reserves marks a significant milestone for regulatory compliance in the stablecoin sector. The involvement of a Big Four accounting firm, combined with adherence to the GENIUS Act framework, signals growing institutional maturity. However, the distinction between attestation and full audit is crucial—investors should recognize this provides reserve verification but not comprehensive operational oversight. As Tether faces supply contraction and increased competition, its strategic support for regulated alternatives like USAt may represent a hedge against evolving regulatory pressures while maintaining market presence across multiple compliance frameworks.