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Tether’s USAT Gets First Deloitte Attestation Report

Tether's new USAT stablecoin receives first Deloitte attestation, reserves slightly exceed supply for U.S. compliance.

  • Deloitte has issued the first attestation report for Tether USAT‘s reserves, revealing they slightly exceed the stablecoin’s $17.5 million supply.
  • The new US dollar-pegged token is a separate, U.S.-regulated entity backed solely by cash and Treasury holdings, differentiating it from Tether‘s global USDT.
  • This move represents a strategic bid for federal compliance in the American market, as Tether simultaneously pursues a full independent audit for its main business.
  • Rival stablecoin issuer Circle has also engaged Deloitte, which has served as its independent auditor since 2023.

Anchorage Digital tapped Deloitte to produce the inaugural attestation report for the new Tether USAT stablecoin, formalizing the token’s U.S.-focused regulatory approach in late January. The report confirmed reserves of $17.6 million against a circulating supply of $17.5 million just days after its launch.

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Reserves consist entirely of cash and U.S. Treasuries held domestically. Consequently, USAT positions itself as a compliant digital dollar under the recently passed GENIUS Act framework.

In a blog post, Tether USAT stated the token combines its parent’s scale with Anchorage’s federal banking charter. “We intend to help define the next chapter of digital dollars in the United States,” said Tether CEO Paolo Ardoino.

However, this stands in contrast to Tether‘s flagship $183 billion USDT, which is partially backed by Bitcoin and Gold. The company’s main reserves have never undergone a full audit and have faced scrutiny for its role in facilitating criminal activity.

Ardoino told DL News last year that Big Four firms were reluctant to audit Tether due to reputational risk. Meanwhile, securing a firm like Deloitte for an independent audit remains a stated top priority.

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Circle, issuer of the USDC stablecoin, appointed Deloitte as its independent auditor for the 2022 fiscal year. The attestation report for USAT did not assess daily reserve management or regulatory compliance.

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