Stablecoin Issuer Tether Uses Deloitte for USAT Reserve Report

After sayingfor years that major accounting firms were unwilling to provide auditing services, Tether Holdings SAreceived a sign-off from Deloitte on the first-ever reserve report for its USAT stablecoin that was launched to comply with new US regulations.

The world’s largest accounting and professional services firm examined the report provided by Anchorage Digital Bank NA, which issues the token, according to a letter released Monday. Anchorage reported $17.6 million of reserve assets backing 17.5 million USAT redeemable tokens outstanding.

Stablecoins are cryptocurrencies meant to maintain a steady value, typically pegged to the US dollar through reserves ...