Deloitte Gives First-Ever Big Four Backing to Tether-Linked USAT Stablecoin

TLDR

• Deloitte verifies USAT reserves, marking a first for Big Four backing stablecoins.

• USAT shows full backing with $17.6M reserves vs 17.5M tokens issued.

• Reserve mix: $3.65M cash, $13.95M short-term, collateralized repo assets.

• All USAT tokens redeemable on demand, supporting the 1:1 USD peg.

• USAT aligns with GENIUS Act, setting a regulatory precedent in the U.S.

Deloitte issued an independent attestation on the USAT reserve report dated February 27, 2026. The report covers reserve balances as of January 31, 2026 and supports USAT’s claim of full backing. With this endorsement, Deloitte became the first Big Four firm to back a reserve report linked to Tether and anchored by USAT.

The attestation affirmed that Anchorage’s assertion met the American Institute of Certified Public Accountants’ 2025 criteria. Deloitte applied these criteria to evaluate the completeness of the USAT Reserve Report. As a result, the firm concluded that the report fairly stated reserve status in all material respects.

Anchorage prepared the USAT Reserve Report to quantify assets backing the stablecoin, which runs on the Ethereum blockchain. Deloitte’s role involved review rather than audit, focusing strictly on the stated criteria. The attestation did not evaluate broader financial controls or compliance beyond those criteria.

Reserve Composition and Redemption Structure of USAT

Anchorage reported 17,501,391 USAT tokens outstanding at the report date, underscoring the stablecoin’s current scale. Reserve assets totaled $17,604,716, leaving a modest surplus above issued USAT tokens. Cash accounted for $3.65 million while reverse repurchase agreements totaled $13.95 million.

The reverse repurchase agreements held by Anchorage were very short-term and collateralized by U.S. Treasury securities. These agreements matured between January 30 and February 2, aligning with the reporting period. Cash balances sat in bank and brokerage accounts that typically benefit from federal insurance protections.

Anchorage maintained that all USAT tokens were redeemable on demand without restrictions. The firm confirmed there were no nonredeemable classes of USAT. This redeemability structure aims to reinforce trust in USAT’s one-to-one peg with the U.S. dollar.

Stablecoin Market Context and Regulatory Alignment

USAT launched in January amid a broader stablecoin market environment exceeding $300 billion in total capitalization. Market data shows major issuers such as Tether’s USDT and Circle’s USDC dominating liquidity pools. Although the market experienced cyclical contractions in recent months, growth trends remained intact.

Standard Chartered projected the stablecoin market could reach $2 trillion by the end of 2028, reflecting long-term expansion potential. Traders shifted short-term demand away from U.S. Treasury bills, yet stablecoin use persisted across DeFi and payment corridors. In this context, USAT’s compliance with U.S. regulatory frameworks gained strategic relevance.

USAT is designed to align with the GENIUS Act, a U.S. federal law enacted in July 2025 that governs asset-backed, fiat-pegged tokens. This law restricts eligible reserve assets and mandates oversight for large issuers. USAT’s structure seeks full compliance with these provisions and aims to set a precedent for regulated stablecoins in the United States.

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