The stablecoin market, long dominated by offshore issuers and informal reserve disclosures, is seeing a shift toward tighter oversight. In a notable development, Tether has received a formal sign-off from Deloitte for the first reserve report tied to its new U.S.-regulated stablecoin, USAT.
The review was conducted in accordance with AICPA attestation standards. Deloitte examined a claim made by Anchorage Digital Bank, the federally chartered issuer of USAT, which is operating under OCC supervision in the US banking system.
According to Deloitte, the review considered whether the management’s assessment of the USAT Reserve Report was appropriately reflected in all significant respects as of January 31, 2026, at 11:59:59 PM UTC.
Deloitte did not examine compliance with laws and regulations or internal controls, but only whether the report was in compliance with the specified criteria for reporting.
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Reserve Figures Show Surplus Backing
Based on the figures presented, the number of USAT redeemable tokens in existence as of the date of the report is 17,501,391. On the reserve side, the total assets are $17,604,716, which is higher than the number of redeemable tokens in circulation.
Schedule III of the report presented a comparison of the fair value of the reserve assets to the number of tokens in existence. Subtracting 17,501,391 tokens from $17,604,716 in reserves, there is a surplus of $103,325.
Source: Deloitte report
There were no timing, temporary, or permanent differences in the calculation. There were no tokens that were marked as access-restricted or time-locked.
The company’s rules state that each USAT token must be secured by $1 in available assets or an equivalent amount in US dollars. The reported surplus indicates that the reserves were at a level above the minimum at the time of the report.
USAT Reserve Report Aligned With 2025 AICPA Stablecoin Criteria
Anchorage management stated that the USAT Reserve Report was issued based on the 2025 Criteria for Stablecoin Reporting for asset-backed fiat-pegged tokens, issued by the American Institute of Certified Public Accountants.
The report deals with minted tokens, redeemable tokens, what the reserve assets are, and a comparison of supply to backing.
Deloitte stated that the statement made by the management was true in all material respects in regard to these rules. Although the review was a short process, the signing-off reflects better control of USAT by the institution.
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