ChainCatcher report, according to Bloomberg, Tether Holdings has, for the first time, received attestation from Deloitte for its USAT stablecoin reserve report. USAT is a U.S.-regulated, USD-backed stablecoin launched by Tether to comply with new U.S. regulations. Deloitte reviewed the report submitted by custodian bank Anchorage Digital, which showed that $17.6 million in reserve assets held by Anchorage Digital Bank back the 17.5 million USAT tokens currently in circulation. This Deloitte attestation marks Tether’s return to the U.S. market. Tether CEO Paolo Ardoino previously stated that, due to regulatory crackdowns on the crypto industry during the Biden administration, the Big Four accounting firms had been reluctant to provide services due to reputational risks. In 2021, Tether was fined $41 million by U.S. authorities for misrepresenting its reserve assets.
Tether Hires Deloitte to Audit USDT Reserve Report
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Summary
Tether has engaged Deloitte to audit its USAT stablecoin reserve report, in line with increasing U.S. stablecoin regulations. The audit confirms $17.6 million in reserves at Anchorage Digital Bank backing 17.5 million USAT tokens. USAT is a dollar-backed stablecoin designed to comply with CFTC and regulatory standards under Biden-era policies. Tether CEO Paolo Ardoino noted that the Big Four firms have avoided the crypto sector due to reputational risks. The company was fined $41 million in 2021 for misleading reserve disclosures.
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