Tether has commissioned Deloitte to issue a USAT reserve report.

PANews reported on March 3 that, according to Bloomberg, stablecoin issuer Tether Holdings has received its first signed approval from Deloitte for its report on the reserves of its USAT stablecoin. USAT is a US-regulated, dollar-backed stablecoin launched by Tether to comply with new US regulations. Deloitte reviewed a report submitted by custodian bank Anchorage Digital, which shows that $17.6 million in reserve assets held by Anchorage Digital Bank back the 17.5 million USAT currently in circulation.

This Deloitte endorsement marks Tether's return to the US market. Tether CEO Paolo Ardoino previously stated that the Big Four accounting firms had been reluctant to provide services due to reputational risks associated with the Biden administration's crackdown on the crypto industry. Tether was previously fined $41 million by US authorities in 2021 for making false statements about its reserve assets.