Tether hires Deloitte to issue USAT reserve report

According to Bloomberg, stablecoin issuer Tether Holdings has received its first signed approval from Deloitte for its USAT stablecoin reserve report.

USAT is a U.S. regulated, dollar-backed stablecoin launched by Tether to comply with new U.S. regulations. Deloitte reviewed the report submitted by the custodian bank Anchorage Digital, which shows that the $17.6 million reserve assets held by Anchorage Digital Bank back the currently circulating 17.5 million USAT. This approval from Deloitte marks Tether's return to the U.S. market. Tether CEO Paolo Ardoino has stated that the Big Four accounting firms have been reluctant to provide services due to reputational risks amid regulatory crackdowns on the crypto industry during the Biden administration. Tether was fined $41 million by U.S. authorities in 2021 for making false statements about its reserve assets.