Tether Adds Big Four Auditor to USAT Report, $189B USDT Question Persists
Deloitte on Feb. 27 issued an independent accountant’s report on Anchorage Digital Bank’s “USAT Reserve Report,” providing an attestation for USAT — a U.S. dollar–denominated token issued by Anchorage Digital Bank, National Association, in partnership with Tether. The move marks a notable step: Tether has secured the involvement of a Big Four firm on a reserve document connected to its push into U.S. regulated products, signaling an effort to shore up institutional credibility.
Still, the development does not settle broader transparency concerns. Market observers and some regulators continue to question the composition and location of about $189 billion tied to USDT circulation, and investors may view a single attestation for a U.S.-specific token as insufficient to address that gap. The report could help with targeted confidence in USAT, but calls for a fuller, consolidated reserve disclosure for the larger USDT supply are likely to persist.