Deloitte & Touche, one of the leading accounting firms, has issued an independent attestation of the reserve report that USAt, a new regulated US stablecoin from Anchorage, will issue with the support of Tether USAT.
In a letter dated February 27, Deloitte said that Anchorage’s statement that the USAt Reserve Report (USAT) was prepared in accordance with the criteria of the American Institute of Certified Public Accountants in 2025 for indicators supported by assets. The report covers reserves as of January 31, 2026.
“In our opinion, management’s representation that the US Reserve Report was prepared in accordance with the standards established as of the reporting date is fairly expressed in all material respects,” Deloitte wrote.
Launched in January, USAt runs on Ethereum and is built to maintain strict one-to-one stability with the US dollar. Stablecoin was specifically designed to comply with the GENIUS Act, a US federal regulatory framework enacted in July 2025.
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US reserves are over $17.6 million
According to the letter, 17,501,391 USAat tokens were in circulation on the reporting date. Anchorage reported $17,604,716 in reserve assets with a profit of $103,325. Reserves consist of $3.65 million in cash and $13.95 million in repurchase agreements secured by U.S. Treasury securities.
The repurchase agreements were very short-term, expiring between January 30 and February 2, and were carried through a US broker-dealer. The rest of the money was held in bank and brokerage accounts, which are usually protected by federal insurance, although some balances exceeded standard coverage limits.
“All issued USAat tokens are redeemable. No temporary or permanent USAat tokens are non-redeemable,” the report said.
This is the first time that a major accounting firm has signed on to a certificate of deposit linked to Tether. However, Deloitte’s role was limited to attestation work rather than a full financial audit. Review of internal controls, compliance with criteria beyond the stated criteria or broader financial condition has not been evaluated.
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Standard Chartered maintains a stable market forecast of $2 trillion
Last month, analysts at Standard Chartered reaffirmed their forecast that the stablecoin market would grow to $2 trillion by the end of 2028, even as they lowered short-term expectations for demand for US Treasury bills.
Although the stablecoin’s market cap stood at about $300 billion against a broader crypto backdrop, analysts said the weakness was cyclical rather than structural.
Meanwhile, Tether’s USDt is heading for its steepest monthly supply decline in three years, with circulating supply falling to around $1.5 billion in February after a $1.2 billion drop in January. However, Tether said the drop reflected short-term changes in distribution rather than a drop in demand, noting that rival stablecoin USDC (USDC) also recorded a multibillion-dollar drop in supply over the same period.
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