Overview
- Deloitte reported, based on Anchorage’s figures, $17.6 million in assets backing 17,501,391 USAT as of January 31, leaving roughly a 0.6% surplus of about $100,000.
- Reserves consist of cash and very short-term reverse repurchase agreements collateralized by U.S. Treasuries, held in segregated fiduciary trust accounts.
- The engagement followed AICPA criteria and was an attestation rather than a full audit, with no opinion on legal compliance or day-to-day reserve management.
- USAT launched on January 27 under federal oversight, with Anchorage Digital Bank serving as the OCC-supervised, federally chartered issuer to align with the GENIUS Act.
- The token’s market capitalization has grown toward $20 million as Tether and Anchorage emphasize routine reporting and transparency to attract institutional users, with Deloitte also serving as attestation provider for Circle’s USDC.