Deloitte Audits Tether's USAT, Confirming ₱1.02 billion ($17.6 million) Reserves

Deloitte produced the first attestation report for Tether's USAT stablecoin as of Jan. 31.

The partnership marks a breakthrough for Tether after years of Big Four accounting firms refusing to audit its flagship USDT. Tether CEO Paolo Ardoino told DL News last year that "none of the Big Four companies will audit us" because of reputation damage concerns, and he stated securing Deloitte for a full, independent audit was a top priority.

USAT launched last month through Anchorage Digital, the first federally chartered digital asset bank since 2021. Tether operates the token while Anchorage issues it, creating a structure that complies with the GENIUS Act framework passed last year. That law requires stablecoin companies operating in the U.S. to abide by reserve requirements that don't align with USDT's composition, which is partially backed by Bitcoin and gold.

Deloitte's report used a framework established by Certified Professional Accountants last year, but the scope had clear limitations. The firm did not judge how Anchorage manages USAT reserves day-to-day, and it did not determine whether reserves complied with federal, state or local laws or regulations.

Tether CEO Paolo Ardoino said Anchorage Digital Bank is establishing a clear standard of accountability and financial strength. Tether intends to help define the next chapter of digital dollars in the United States. USAT CEO Bo Hines, who served as Executive Director of the White House's digital assets working group, joined Tether as strategic advisor in August before taking the CEO role.

Deloitte already works with Circle, Tether's biggest rival, and began producing attestation reports for USDC reserves in January 2023. Tether announced relocating its headquarters to El Salvador in January 2025, while USDT remains the dominant stablecoin with ₱10.56 trillion ($183 billion) in total value.