Deloitte confirmed that Tether 's USAT reserves reached $17.6 million, exceeding the circulating supply, marking a strategic move to separate the US-compliant stablecoin from USDT.
Anchorage Digital commissioned Deloitte to conduct the first reserve confirmation report for USAT, the Tether -backed stablecoin issued under the US federal regulatory framework. The results showed reserves reached $17.6 million, exceeding the circulating supply of $17.5 million, creating a buffer of approximately $100,000 just days after the Token launched last month.
Reserves consist of cash and U.S. Treasury bonds, held at domestic financial institutions and structured within a framework established by the world's largest association of certified public accountants.
Tether 's federal compliance "barrier" strategy
This move reflects Tether 's deliberate approach to building a fully U.S.-compliant entity separate from its international business operations.
The launch of USAT comes after the passage of the GENIUS Act, a framework requiring businesses operating in the US to comply with strict reserve requirements, which is incompatible with the $183 billion USDT stablecoin , which is partially backed by Bitcoin and gold.
The selection of Anchorage, the first cryptocurrency bank to receive federal charter in 2021, as its issuing partner is a clear signal aimed at Capital investors who remain cautious about Tether's international portfolio.
The internal context of this deal is equally noteworthy. Less than a year ago, CEO Paolo Ardoino himself admitted to DL News that none of the Big Four firms were willing to audit Tether due to reputational concerns, while confirming that auditing remains a top priority for the company.
Deloitte's involvement as USAT's auditor therefore carries significant symbolic meaning, although this confirmation report has a limited scope, only noting the existence of funds at the time of data capture without assessing daily reserve management processes or legal compliance.
Tether's direct competitor, Circle , appointed Deloitte as its independent auditor starting in fiscal year 2022 and has been conducting reserve confirmation reports for USDC since January 2023. With USAT, Tether is following a similar path but with a completely new product, while USDT has yet to undergo a full audit and the company moved its headquarters to El Salvador last January.
