Tether taps Deloitte for first USAT reserve report
Tether secured Deloitte's sign-off for the first reserve report on its new U.S.-regulated stablecoin, USAT.Summary
Leading stablecoin issuer Tether has received a third-party attestation from Deloitte for the initial reserve report concerning its new U.S.-regulated stablecoin, USAT, marking progress after past difficulties with accounting firms. Deloitte reviewed a report prepared by Anchorage Digital Bank, which issued the USAT token, confirming that Anchorage reported $17.6 million in reserve assets backing 17.5 million USAT tokens in circulation at the time of the report. The USAT token was created to comply with the Genius Act passed last summer, which regulates assets backing stablecoins and mandates federal oversight for larger issuers. The article notes that this attestation is a snapshot of reserves at a specific point in time, differing from a full financial audit. Meanwhile, the overall stablecoin sector market cap exceeds $315 billion, with Tether's USDT dominating.
(Source：CoinDesk)