Tether Secures Big Four Auditor for USAT, But USDT’s Audit Still Pending
- Deloitte issued a reserve report on Anchorage Digital Bank’s US dollar token, USAT, on Feb. 27.
- As of Jan. 31, Anchorage reported $17.6 million in reserves against $17.5 million in USAT tokens outstanding.
- The reserve composition included $3.65 million in cash and $13.95 million in reverse repurchase agreements backed by US Treasury securities.
- Tether’s flagship stablecoin, USDT, has never undergone a full audit despite ongoing scrutiny regarding its reserves.
- Tether reported total assets of $192.88 billion and total liabilities of $186.54 billion as of Dec. 31, leaving an equity cushion of $6.34 billion.
The Deloitte report provides Tether with a recognized accounting firm linked to a federally regulated stablecoin product, enhancing its credibility amid ongoing concerns about transparency surrounding its main product, USDT.
While the new report for USAT is a step forward for Tether, it does not address the significant questions surrounding the larger and more complex reserves backing USDT.(Source)
