Deloitte & Touche, one of the Big Four accounting firms, has issued an independent certification on the reserves report supporting USAt, a novel U.S. regulated stablecoin from Anchorage that is issued by USAT with the backing of Tether.
In letter on February 27, Deloitte said it had investigated Anchorage’s claim that the USAt Reserves Report (USAT) was prepared in accordance with the American Institute of Certified Public Accountants’ 2025 criteria for asset-backed tokens pegged to fiat currencies. The report covers provisions as at January 31, 2026.
“In our opinion, management’s determination that the USAt reserves report was prepared in accordance with the criteria set out therein as of the date the report was prepared is reliable in all material respects,” Deloitte said.
Launched in January, USAt runs on Ethereum and is structured to maintain a tight one-to-one peg to the US dollar. The stablecoin has been specifically designed to comply with the GENIUS Act, the US federal regulatory framework passed in July 2025.
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USAt reserves are at a maximum of $17.6 million
The letter shows that as of the reporting date, there were 17,501,391 USAt tokens in circulation. Anchorage reported reserve assets of $17,604,716, leaving a surplus of $103,325. Reserves included $3.65 million in cash and $13.95 million in reverse repurchase agreements secured by U.S. Treasury securities.
The reverse repurchase agreements were very short-term, with maturities between January 30 and February 2, and were executed through a US broker-dealer. The remaining cash was held in bank and brokerage accounts that are typically federally insured, although some balances exceeded standard insurance limits.
“All tokens issued by USAt are exchangeable. There are no temporary or permanent tokens that cannot be exchanged,” the report reads.
This marks the first time a Big Four accounting firm has signed off on a reserve confirmation connected to Tether. However, Deloitte’s role was restricted to an attestation service and not a full financial audit. The review did not assess internal control, regulatory compliance beyond specified criteria or broader financial health.
Related: Tether-backed Oobit adds crypto-bank transfers for local payment networks
Standard Chartered maintains $2 trillion stablecoin market forecast
Last month, Standard Chartered analysts reaffirmed their forecast that the stablecoin market will grow to $2 trillion by the end of 2028, even as they lowered near-term expectations for demand for U.S. Treasury bills.
While stablecoin market capitalization has hovered around $300 billion amid a broader cryptocurrency market slowdown, analysts said the weakness is cyclical, not structural.
Meanwhile, Tether’s USD currency is heading for its biggest monthly supply decline in three years, with circulating supply shrinking by about $1.5 billion in February after a $1.2 billion decline in January. Tether, however, said the cut reflects short-term changes in distribution rather than a drop in demand, noting that rival stablecoin USDC (USDC) also saw a multi-billion-dollar drop in supply over the same period.
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