Anchorage Digital tapped Deloitte for USAT’s first attention report, linking the Big Four accounting firm with Tether’s efforts to offer a regulated stablecoin in the U.S.
USAT’s reserves consist of cash and U.S. Treasuries, which are held at financial institutions based in the country, the report showed. It was prepared under a framework established by the world's largest member association for certified professional accountants last year.
“Anchorage Digital Bank is establishing a clear standard of accountability and financial strength,” Tether CEO Paolo Ardoino said in a statement. “We intend to help define the next chapter of digital dollars in the United States.”
Tether USAT is led by CEO Bo Hines, former executive director of the White House’s digital assets working group, who initially signed on as a strategic advisor to Tether in August.
Deloitte’s role in USAT’s attestation report highlights Tether’s bifurcated approach: building a wall of federal compliance around its U.S. stablecoin to win over institutional players who might remain wary of the company’s broader international business.
Decrypt has reached out to Tether for comment.
The attestation report produced by Deloitte did not judge how Anchorage manages USAT’s reserves day-to-day, only that the money was there when a snapshot was taken. Additionally, Deloitte did not determine whether the stablecoin reserves “complied with federal, state or local laws or regulations.”
Anchorage declined to comment to Decrypt.
