Deloitte & Touche, one of the Big Four accounting firms, has delivered a significant endorsement for the USAt stablecoin, a US-regulated token issued by Anchorage Digital with support from Tether. This attestation marks a crucial step in the ongoing effort to bring stablecoins into the regulatory fold, providing a level of transparency and trust that has been lacking in the crypto industry.
An Independent Attestation for USAT
In a letter dated February 27, Deloitte confirmed that it had reviewed Anchorage’s assertion that the USAt Reserve Report adheres to the American Institute of Certified Public Accountants’ (AICPA) 2025 criteria for asset-backed, fiat-pegged tokens. The report, covering reserves as of January 31, 2026, states that the USAt tokens maintain a one-to-one peg with the US dollar, a critical feature for ensuring stability and trust.
Key Findings of the Report
According to the letter, 17,501,391 USAt tokens were outstanding at the reporting date. Anchorage reported $17,604,716 in reserve assets, resulting in a surplus of $103,325. The reserves consist of $3.65 million in cash and $13.95 million in reverse repurchase agreements (reverse repos) collateralized by US Treasury securities. These reverse repos are very short-term, maturing between January 30 and February 2, and are held through a US broker-dealer. The remaining cash is stored in bank and brokerage accounts, typically protected by federal insurance, although some balances exceed standard coverage limits.
Compliance with the GENIUS Act
USAt, launched in January, is designed to comply with the GENIUS Act, a US federal regulatory framework enacted in July 2025. This act aims to provide a clear and robust regulatory environment for stablecoins, addressing concerns around financial stability, consumer protection, and market integrity. The attestation by Deloitte adds a layer of credibility to USAt’s compliance with these stringent standards.
Implications for the Stablecoin Market
The endorsement by Deloitte is significant for several reasons. It represents the first time a Big Four accounting firm has provided an attestation for a Tether-backed stablecoin, although Deloitte’s role was limited to an attestation engagement rather than a full financial audit. The review did not assess internal controls, regulatory compliance beyond the stated criteria, or the broader financial health of the operation.
Despite this, the attestation is a positive development for the stablecoin market, which has faced scrutiny and regulatory challenges. According to Standard Chartered analysts, the stablecoin market is projected to grow to $2 trillion by the end of 2028, even as short-term expectations for US Treasury bill demand have been trimmed. While the market cap has hovered around $300 billion amid a broader crypto slowdown, the analysts believe the weakness is cyclical rather than structural.
Tether’s Market Dynamics
Meanwhile, Tether’s USDt is experiencing a significant reduction in supply, with a decline of about $1.5 billion in February, following a $1.2 billion drop in January. Tether attributes this reduction to short-term distribution shifts rather than a decline in demand, noting that rival stablecoin USDC also recorded a multibillion-dollar supply decrease over the same period.
Looking Ahead
The attestation by Deloitte for USAt is a promising sign for the future of regulated stablecoins. It underscores the industry’s commitment to transparency and compliance, which are essential for gaining the trust of regulators and consumers. As the stablecoin market continues to evolve, the collaboration between established financial institutions and crypto innovators will likely play a crucial role in shaping the regulatory landscape and ensuring the long-term sustainability of these digital assets.
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