Tether's issued USAT stablecoin has finally been audited by the Big Four accounting firm Deloitte

Stablecoin issuer Tether has recently received its first verification report from one of the Big Four accounting firms, Deloitte, for its compliant US dollar stablecoin USAT. This marks a breakthrough, breaking the deadlock where major accounting firms previously refused to provide services to crypto companies due to reputation concerns. The report confirms that the issuer, Anchorage Digital Bank, holds $17.6 million in reserves to back the 17.5 million USAT tokens in circulation. This verification not only signifies Tether’s official return to the U.S. market since 2018 but also reflects the industry’s move toward stricter compliance standards under new U.S. regulations.

Tether Stablecoin Compliance Takes a Key Step

For years, Tether, the world’s largest stablecoin issuer, has stated that major accounting firms are unwilling to provide audit services. Now, the company’s first reserve report for USAT, launched to comply with new U.S. regulations, has been recognized by Deloitte (known as KPMG in Taiwan).

This indicates that traditional financial audit firms are gradually accepting digital assets operating within a clear regulatory framework. For Tether, this is also a strategic move to re-enter the U.S. market through compliance.

(Tether’s USAT regulated stablecoin launched, with Anchorage Bank serving as the primary issuer)

USAT Reserve Data and Market Size Analysis

According to data provided by Anchorage Digital Bank, the 17.5 million USAT tokens in circulation are supported by $17.6 million in reserves, demonstrating a healthy over-collateralization. On a macro level, the total global stablecoin market cap has exceeded $300 billion, with Tether’s flagship product USDT accounting for about 60% of the market, reaching approximately $184 billion. This massive capital volume highlights the central role of stablecoins in cross-border payments and digital asset trading, while also drawing regulatory attention to their asset quality.

USAT’s reserves consist of cash and reverse repurchase agreements (Reverse Repos) backed by U.S. Treasuries, ensuring quick liquidity in extreme market stress to meet large-scale redemption demands. The reserves are independently held in segregated trust accounts.

Verification vs. Full Audit

While Deloitte’s involvement boosts market confidence, it’s important to clarify that “third-party verification” is not equivalent to a “full financial audit.” Verification only confirms a snapshot of assets at a specific point in time, not an in-depth review of the entire company’s books. In 2021, Tether was fined for misrepresenting its reserves, so the market remains cautious about whether stablecoins have sufficient liquidity to handle large redemptions under extreme conditions. Currently, BDO is responsible for USDT’s reserve verification.

Regulatory Upgrades Driven by New Legislation

The U.S. Congress passed the “Genius Act” last year, establishing clear regulations for stablecoin issuance and reserve assets. The law restricts the types of assets that can be held as reserves to ensure low risk and high liquidity, and mandates that tokens reaching certain circulation thresholds must undergo federal regulation. This means issuers will face higher compliance costs in the future. USAT’s acceptance of Deloitte’s audit is a concrete example of crypto industry players adapting to this emerging regulatory environment, expected to promote greater transparency across the sector.

This article, “Tether’s USAT Stablecoin Receives Verification from Big Four Deloitte,” first appeared on Chain News ABMedia.