Deloitte & Touche, one of the Big Four accounting firms, issued an independent attestation on the reserve report backing USAt, a new US-regulated stablecoin from Anchorage, which is issuing USAT with Tether’s support.
It is not a letter Deloitte stated in its letter of February 27 that they had reviewed Anchorage’s statement that the USAt Reserve Report was prepared to meet the 2025 American Institute of Certified Public Accountants criteria for fiat tokens backed by assets. This report includes reserves up to Jan. 31 2026.
“In our opinion, management’s assertion that the USAt Reserve Report is prepared in accordance with the criteria set forth therein as of the Report Date is fairly stated, in all material respects,” Deloitte wrote.
Launched in JanuaryUSAt, which runs on Ethereum is designed to keep a rigid one-to-one exchange rate with the US Dollar. Stablecoins are specifically created to conform with the GENIUS ActA US federal regulatory structure will be implemented in July 2025.
Related: Tether froze $4.2B in tokens tied to illicit activity in 3 years: Report
Reserves top US$17,6 Million
A letter from Anchorage states that there were 17,501.391 USAt tokens outstanding on the day of reporting. Anchorage had $17,604,716 worth of reserve assets. This left a surplus amounting to $103,325. Reserves consisted of $13,95 million worth of reverse repurchase contracts collateralized with US Treasury Securities and $3,65 million cash.
Reverse repurchase agreements with a US broker were of a very short term, expiring between Jan.30 and Feb.2, and held via he US broker-dealer. The remainder of the cash was held in accounts at banks and brokers that are usually insured under federal law, even though some amounts were higher than standard limits.
“All USAt issued tokens are redeemable. There are no temporary or permanent USAT nonredeemable tokens,” The report stated.
It is the first time that a Big Four firm has approved a reserve attestation in connection with Tether. Deloitte was only engaged to perform an attestation rather than conduct a financial audit. This review didn’t assess the internal controls of the company, compliance with regulatory requirements beyond those stated or its overall financial health.
Related: Tether-backed Oobit adds crypto-to-bank transfers for local payment networks
Standard Chartered maintains $2 trillion stablecoin market forecast
Standard Chartered analysts reaffirmed last month their prediction that the stablecoin markets will continue to grow. grow to $2 trillion They reduced short-term demand for US Treasury Bills by 2028.
Analysts said that the market cap of stablecoin has been hovering around $300 billion despite a general crypto slowdown. The weakness is cyclical, not structural.
The USDt of Tether is on its way to its steepest monthly supply contraction The circulating stock has decreased by approximately $1.5 Billion in the past three years. This follows a drop of $1.2 Billion in January. Tether claimed that this reduction is due to a short-term change in distribution, rather than declining demand.USDC() has also seen a decrease in the supply by several billion dollars over the same time period.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
