Deloitte & Touche has issued an independent attestation confirming that Anchorage Digital Bank holds $17,604,716 in reserve assets backing the USAT stablecoin as of January 31, 2026. The verification reveals a surplus of $103,325 against 17,501,391 tokens in circulation, marking the first time a Big Four accounting firm has signed off on a reserve report linked to Tether.
The attestation letter, dated February 27, explicitly states that management's assertion regarding the USAT Reserve Report is "fairly stated, in all material respects" and prepared in accordance with the American Institute of Certified Public Accountants' 2025 criteria for asset-backed, fiat-pegged tokens. This development occurs against a backdrop of extreme market caution, with the Crypto Fear & Greed Index hovering at 14 out of 100, signaling extreme fear among investors. Despite Bitcoin trading at $67,376 and Ethereum at $1,967, both posting modest gains in the last 24 hours, the broader sentiment remains anchored by regulatory scrutiny and supply dynamics.
Reserve Composition and Regulatory Alignment
The reserve structure for USAT, a stablecoin launched in January and operating on the Ethereum blockchain, prioritizes liquidity and regulatory compliance. The $17.6 million in backing assets is split between $3.65 million in cash and $13.95 million in reverse repurchase agreements. These agreements are collateralized by US Treasury securities and held through a US broker-dealer, with maturities scheduled between January 30 and February 2. The cash holdings reside in bank and brokerage accounts, some of which exceed standard federal insurance limits, though the report confirms all balances maintain federal insurance protections where applicable.
USAT is engineered specifically to comply with the GENIUS Act, a US federal regulatory framework enacted in July 2025. The report emphasizes the redeemability of the asset, stating, "All USAT issued tokens are redeemable. There are no temporary or permanent USAT nonredeemable tokens." While the attestation confirms the fair presentation of the reserve report, Deloitte clarified its role was limited to an attestation engagement rather than a full financial audit, meaning internal controls, broader regulatory compliance, and overall financial health were not assessed.
Market Dynamics and Supply Contraction
The release of the USAT attestation coincides with significant shifts in the broader stablecoin ecosystem. Standard Chartered analysts have reaffirmed their projection that the stablecoin market will expand to $2 trillion by the end of 2028, despite the current market capitalization hovering around $300 billion. Analysts characterize the recent weakness as cyclical rather than structural, even as demand for US Treasury bills faces short-term trimming.
Supply contraction is evident across major issuers. Tether's USDt circulating supply has undergone its steepest monthly contraction in three years, shrinking by approximately $1.5 billion in February following a $1.2 billion drop in January. Tether attributes these reductions to short-term distribution shifts rather than a collapse in demand, a trend mirrored by rival stablecoin USDC, which also recorded a multibillion-dollar supply decrease over the same period. As the industry navigates this period of extreme fear and regulatory maturation, the Deloitte attestation provides a verified baseline for USAT's solvency, distinguishing it in a market where supply dynamics are rapidly evolving.
Source: CoinTelegraph | Analysis by Rumour Team
