Tether’s New Stablecoin

Deloitte, one of the world’s largest audit and financial advisory firms, has approved the first reserve report for Tether’s new stablecoin, USAT. This marks a significant milestone for the issuer, which for years faced challenges working with top-tier accounting firms.

Report link available in the graphic

USAT is pegged to the U.S. dollar and has been designed as a stablecoin regulated in the United States. This means its value is backed by appropriate reserves and structured to comply with U.S. regulations. The token was issued by Anchorage Digital Bank and operates under new legal requirements introduced by the Genius Act. The law limits the types of assets that can be used as stablecoin reserves and places larger issuers under federal oversight.

According to a report prepared by Anchorage, 17.6 million dollars in reserve assets were secured to back the 17.5 million USAT tokens currently in circulation. These figures were confirmed in a letter published by Deloitte. Since then, USAT’s market capitalization has grown to nearly 20 million dollars.

The stablecoin market as a whole continues to expand rapidly. Data from CoinMarketCap shows that the sector’s total market capitalization has surpassed 315 billion dollars. Tether holds the largest share, with a market cap of 183 billion dollars, while USD Coin ranks second at 76 billion dollars.

It is important to note that a third-party attestation is not the same as a full audit. Such a report confirms the state of reserves at a specific point in time but does not include a comprehensive review of the company’s overall financial condition.

Tether allocates revenue generated from assets backing its stablecoins to investments across various sectors. The company holds a majority stake in Adecoagro, owns shares in the Rumble platform, and has invested 200 million dollars in the Whop marketplace.