- A Tether stablecoin has finally been certified by a Big Four accounting firm — but it’s for its recently-launched USA₮ coin, a dollar-pegged stablecoin issued by Anchorage Digital bank.
- The reserve holdings attestation was delivered by Deloitte, confirming the stablecoin has sufficient reserves for USA₮, which was specifically designed to comply with GENIUS Act regulations in the US — rather than replace USDT.
- Questions around reserve holdings of Tether’s flagship stablecoin USDT — the market’s largest dollar-pegged token — remain unresolved.
The reserve holdings of a Tether-developed, US dollar-backed stablecoin have been certified by a Big Four independent accounting firm — but it’s not an audit of USDT’s reserves that critics of Tether have long called for.
An independent accountant’s report from Deloitte & Touche was obtained on February 27 for the US-regulated, dollar-backed USA₮ stablecoin, which is created by Tether and issued by the first (and so far, only) crypto-native bank authorised to operate in America — Anchorage Digital Bank.
The GENIUS Act-compliant USA₮ stablecoin was launched in January 2026 and was designed specifically to give Americans “a way to spend, send, and receive money with near-instant speed,” and help institutions navigate “a rapidly evolving regulatory environment”, the bank said.
For five years, we’ve operated as a federally regulated bank, purpose-built for digital assets. USAT reflects what’s possible when stablecoin issuance is done inside the U.S. banking system, under real supervision, with real accountability, at real scale.
Nathan McCauley, CEO and Co-Founder of Anchorage Digital Deloitte’s attestation report (which is not as in-depth as an audit) confirmed that the bank’s reserve holdings claims are “fairly stated”.
The report shows that as of January 31, Anchorage Digital Bank:
- Held US$17.6 million in assets compared to US$17.5m in USA₮ redeemable tokens outstanding.
- Had reserve holdings comprised around US$3.6m in cash and US$13.95m in reverse purchase agreements collateralised by US Treasury securities.
It stated that reserve assets were held in “segregated fiduciary trust accounts that are unencumbered and held for the benefit of USAT token holders.”
Related:Tether Backs LayerZero in Bet on Cross-Chain Stablecoin Infrastructure
Tether Stakes Its US Claim with USAT
Tether CEO Paolo Ardoino described USA₮ as an extension of USD₮ — basically the US-regulated version of its global powerhouse stablecoin. The USA₮ logo is reminiscent of Captain America’s shield and its tagline is ‘Made in America.’
Well-regarded crypto newsletter Milk Road said Tether was “hedging its bets,” by building a locally-compliant product while continuing to grow the offshore dominance of USDT. “Tether wants a seat at the table, not a fight with regulators,” the outlet said.
Tether has struggled to work with a major accounting firm to gain credibility. In April 2024, Paolo Ardoino told DLNews that the Big Four firms were afraid that working with Tether would damage their reputations, but that securing one of them was a “top priority”.
“We’re trying to build relationships to get the audit from a Big Four firm,” he said at the time.
Related:Consumer Watchdog Flags Tether for Lack of Transparency in US Dollar Reserves Audit
Tether’s chequered compliance history in the US, history of dishonesty about its reserve holdings, and lack of a full, independent audit have been red flags for many years. In September 2024, a consumer advocacy group called Consumer Research reported on Tether’s lack of transparency and warned people to consider holding USDT.
“By refusing to open their books for comprehensive review, Tether invites immense suspicion and warrants the utmost scrutiny,” the report said.
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