Deloitte has issued an independent attestation of the reserves backing USAT, a stablecoin launched by Tether designed to operate within a U.S. Regulatory framework, the companies announced Friday. The report, dated February 27, 2026, marks the first time a “Huge Four” accounting firm has backed a reserve report linked to Tether and its USAT stablecoin.
The attestation affirmed that Anchorage Digital Bank’s assertion of USAT’s reserve status fairly stated the composition of those reserves as of January 31, 2026, at 11:59:59 PM. As of that date, 17,501,391 USAT tokens were outstanding, backed by total reserve assets of $17,604,716, resulting in a surplus of $103,325. Reserves consisted of $3,654,716 in cash and $13,950,000 held in short-term reverse repurchase agreements collateralized by U.S. Treasury securities, maturing February 2, 2026.
The move comes as tax season intensifies scrutiny of stablecoins, the only digital assets currently subject to U.S. Regulation. The period exposes potential weaknesses in recordkeeping and classification, forcing clarity on income recognition, custody arrangements, and asset segregation, according to industry observers.
USAT was created to function under the GENIUS Act, the first federal framework for payment stablecoins, which was established in July 2025. Tether initially announced plans for USAT in September 2025, naming Bo Hines, former executive director of the White House Crypto Council and a contributor to the GENIUS Act, as its CEO.
Deloitte’s report is an attestation, not a full audit. The firm clarified that it did not evaluate compliance with laws or contractual obligations, nor the design or operating effectiveness of controls. It only verified the composition of USAT’s reserves at a specific point in time, according to the report.
Anchorage, a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency, serves as the issuer of USAT. This structure places stablecoin issuance within a banking-law perimeter, rather than a loosely defined offshore structure, a shift that could increase institutional confidence.
On February 4, 2026, Tether invested $100 million in Anchorage, according to a company statement. USAT is currently available on several crypto exchanges and platforms, including Bybit, Crypto.com, Kraken, OKX and MoonPay.
The USAT stablecoin launched as an ERC-20 token on the Ethereum blockchain with an initial supply of $10 million.
