A USDGO Reserve Review in Practice: Findings, Limits and Follow-up Questions

The July 31, 2026 USDGO Reserve Report supports a narrow, point-in-time finding. At 11:59:59 PM UTC, it listed 1,112,640,495 redeemable USDGO and US\$1,116,301,304 in reserve assets. The difference produced a reported surplus of US\$3,660,809. Deloitte & Touche LLP opined that Anchorage Digital Bank, National Association's management assertion was fairly stated, in all material respects, under the report's stated criteria S2. The report does not establish the reserve position after July 31, legal or contractual compliance, control effectiveness, or a particular enterprise's redemption eligibility.

An enterprise can therefore use the report to advance, but not complete, its USDGO asset review. Anchorage Digital Bank N.A. is the USDGO issuer. Anchorage and OSL materials separately describe OSL Group's relationship to the stablecoin S4S5. Before approving exposure or an operating route, the enterprise should review the reserve mix, issuer terms, redemption eligibility, liquidity assumptions, jurisdiction, and its own controls.

What Does the July 2026 USDGO Reserve Report Support?

The report supports a dated comparison between reserve assets and redeemable USDGO, together with an independent opinion on a defined management assertion. It does not provide continuous assurance or resolve an enterprise's legal, liquidity, redemption, or operational questions.

As of September 9, 2026, Anchorage's USDGO reserve-attestations page listed the July 31 report as the latest public report. The accountant dated its report August 28, 2026, so reviewers must keep the measurement date, report date, and enterprise review date separate S1S2.

How Was the USDGO Reserve Review Performed?

OSL's enterprise stablecoin reserve framework explains the broader due-diligence sequence. The review below applies that method to one USDGO report S6.

Fix the source and three dates

The review began with Anchorage's reserve-attestations index and the July report PDF. July 31 marks the measurement date, August 28 marks the accountant's report date, and September 9 marks the review date S1S2. Separating these dates prevents a snapshot from becoming a claim about later reserves.

Identify the responsible parties and engagement

The report assigns responsibility clearly. Anchorage Digital Bank N.A. issued USDGO, and its management took responsibility for the report's accuracy, completeness, and validity. Deloitte & Touche LLP examined that assertion and expressed its opinion. OSL Group did not make the assertion, perform the examination, or issue USDGO S2S4S5.

The accountant conducted an examination under AICPA attestation standards. Management stated that the report followed the AICPA's 2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens S2. The engagement addressed defined subject matter, not a full audit of Anchorage Digital Bank's financial statements.

Reconcile the schedules before interpreting them

The review compared three schedules. Schedule I lists redeemable USDGO, Schedule II lists reserve assets by category, and Schedule III reconciles the totals after timing and temporary differences. The report recorded no timing or temporary differences S2.

Schedule I listed 1,112,640,495 natively minted and redeemable USDGO on Solana. It showed zero for Morph and zero temporary or permanent nonredeemable tokens S2. An enterprise should still confirm the exact USDGO asset and network for its proposed workflow.

Do the Reported USDGO Totals Reconcile?

Yes. The reserve categories sum to the Schedule II total, and subtracting redeemable USDGO produces the Schedule III surplus.

The first calculation checks the reserve composition:

US\$11,061,357 + US\$312,429,373 + US\$792,810,574 = US\$1,116,301,304

The second calculation checks the reported surplus:

US\$1,116,301,304 - US\$1,112,640,495 = US\$3,660,809

Both calculations match the report S2. Dividing reported reserves by redeemable USDGO gives a point-in-time ratio of approximately 100.329%. The report does not present that calculated percentage as a safety rating, capital ratio, liquidity score, or guarantee of future backing.

The arithmetic establishes only the position at the measurement time. It does not show whether each asset could convert to cash under stress or whether a particular holder could redeem.

What Does the USDGO Reserve Mix Show?

The total alone does not describe liquidity. Schedule II listed US\$11,061,357 in cash, US\$312,429,373 in BUIDL at fair value, and US\$792,810,574 in money-market funds at net asset value S2.

Using those reported amounts, cash represented approximately 0.991% of total reserves, BUIDL represented 27.988%, and money-market funds represented 71.021%. Together, BUIDL and the money-market funds represented approximately 99.009% of the reported USDGO reserves. These calculated percentages reflect rounding; the accountant did not quote them.

That composition does not, by itself, make USDGO safe or unsafe. It directs further review toward liquidity windows, valuation methods, concentration, custody arrangements, and settlement terms.

According to the report, Anchorage maintained unencumbered reserve assets in segregated fiduciary trust accounts for the benefit of USDGO token holders. The report also identified US\$10,811,357 in demand deposits that exceeded Federal Deposit Insurance Corporation insurance coverage as of July 31 S2. This uninsured amount does not predict a loss or determine the legal effect of the trust structure.

The report carried BUIDL at fair value and described daily redemption through Securitize at net asset value. It identified BUIDL as a British Virgin Islands-domiciled private and unregistered money-market fund with no secondary market. It listed the other money-market-fund holdings at net asset value under two CUSIPs S2. An enterprise still needs current information about operational cut-offs, gates, settlement timing, counterparties, and access under stressed conditions.

What Did the Independent Accountant Examine?

Deloitte examined whether management's assertion about the July 31 USDGO Reserve Report was fairly stated, in all material respects, under the stated criteria S2.

The report says that the examination did not determine compliance with federal, state, or local laws and regulations; compliance with customer contracts; or the design and operating effectiveness of controls S2. It also cannot establish facts after the measurement time.

Enterprises should therefore call the document an independent examination or attestation report, not a full financial-statement audit. OSL's guide to audits and attestations in enterprise stablecoin adoption explains these evidence categories in more detail S7. OSL guidance or a service relationship does not expand Deloitte's opinion.

Which Questions Does the Report Leave Open?

Redemption and eligibility. Anchorage's Covered Stablecoin Terms state that Anchorage Digital Bank issues and redeems covered stablecoins exclusively for Clients. Non-Clients do not receive direct contractual redemption rights under those terms S3. A business must confirm its Client status, applicable agreement, fees, limits, instructions, timing, and suspension conditions for the proposed USDGO route.

Liquidity and concentration. The reserve schedule identifies asset categories and valuation bases. It does not demonstrate how the full portfolio would perform under a large or urgent redemption request. Treasury should test cash availability, fund redemption terms, operational cut-offs, counterparty concentration, and a fallback source of liquidity.

Legal and controls evidence. Deloitte expressly excluded legal and contractual compliance and control effectiveness from the engagement S2. Legal, compliance, risk, technology, and operations teams must close those questions through applicable terms, entity-specific records, controls evidence, and testing.

Evidence after July 31. The report cannot show subsequent issuance, redemption, valuation changes, reserve movements, or operational events. When Anchorage publishes a new report, the evidence owner should repeat the arithmetic and composition review S1.

OSL service scope. OSL's USDGO materials provide separate brand, distribution, and market context; Anchorage Digital Bank remains the issuer S4S5. An enterprise considering an OSL Business service must separately verify the legal entity, jurisdiction, eligibility, supported asset and network, records, fees, limits, and contract. USDGO reserve evidence cannot approve an OSL payment, conversion, or liquidity service.

What Should an Enterprise Do Next?

The enterprise should convert each observation into a limited finding, boundary, and follow-up.

Treasury should own the questions about redemption timing, reserve liquidity, concentration limits, exposure limits, and fallback liquidity. Risk should assess issuer, bank, fund, custody, and evidence-age exposure. Legal and compliance should confirm the applicable terms, Client status, jurisdiction, restrictions, and exclusions.

Finance should retain the source files, review the calculations, determine the appropriate accounting treatment, and define the next-report update process. Technology or operations should confirm the USDGO asset and network identifiers for the intended use. These are enterprise approval responsibilities; neither the reserve report nor an OSL service transfers them to another party.

On this evidence, an enterprise can advance USDGO to the next review stage while keeping the identified questions open. Final approval remains conditional on current reserve evidence, redemption eligibility, reserve liquidity, applicable terms, jurisdictional fit, the proposed operating route, and enterprise limits.

Frequently Asked Questions

Did the July 2026 report show enough reserve assets for the reported redeemable USDGO?

Yes, at the stated measurement time. The report showed a US\$3,660,809 surplus of reserve assets over redeemable USDGO S2. This result does not guarantee future reserve sufficiency or redemption.

Is the USDGO Reserve Report a financial-statement audit?

No. Deloitte conducted an examination of management's assertion under AICPA attestation standards and expressed an opinion within that scope S2. The report does not present a full audit of Anchorage Digital Bank's financial statements.

Does the reported reserve mix prove that USDGO is liquid?

No. The report identifies reserve categories, values, and certain characteristics as of July 31. It does not provide a stress-liquidity test or guarantee that every holding can convert to cash on the same timeline.

Can every USDGO holder redeem directly with Anchorage Digital Bank N.A.?

No. Anchorage's Covered Stablecoin Terms distinguish Clients from Non-Clients and state that direct issuance and redemption apply exclusively to Clients S3. Each enterprise must confirm its own status and route.

What role does OSL Group play in this reserve review?

Anchorage Digital Bank N.A. issues USDGO, while OSL materials describe OSL's separate relationship to the stablecoin and a specific distribution context S4S5. OSL Group did not make the management assertion or issue Deloitte's opinion. Any OSL service in an enterprise workflow requires a separate review.

When should an enterprise repeat the USDGO reserve review?

The enterprise should repeat it when Anchorage publishes a newer report or when the issuer, terms, reserve composition, eligibility, network, jurisdiction, or proposed use changes materially. A delayed or modified report should also trigger reassessment.

Risk, Eligibility, and Date Notice

This review uses a USDGO reserve position measured on July 31, 2026, and an independent accountant's report dated August 28, 2026. Stablecoin use can involve issuer, reserve, redemption, liquidity, custody, counterparty, valuation, network, operational, legal, regulatory, accounting, tax, and market risks. USDGO and any OSL product or service remain subject to the relevant entity, jurisdiction, customer eligibility, network, current documentation, and applicable agreement. This article provides general information and does not constitute legal, regulatory, financial, investment, accounting, tax, or other professional advice.

Sources

• Anchorage Digital, "USDGO Reserve Attestations," accessed September 9, 2026

• Anchorage Digital Bank, National Association, "USDGO Reserve Report" as of July 31, 2026; independent accountant's report dated August 28, 2026

• Anchorage Digital Bank N.A., "Covered Stablecoin Terms," effective October 13, 2025, accessed September 9, 2026

• Anchorage Digital, "Anchorage Digital to Serve as Issuer for OSL's New U.S. Regulated Stablecoin, USDGO," accessed September 9, 2026

• OSL, "OSL HK Lists Regulated Enterprise Stablecoin USDGO," February 26, 2026, accessed September 9, 2026

• OSL, "How Enterprises Should Evaluate Stablecoin Reserves: USDGO Issuer, Attestations, and Reporting," accessed September 9, 2026

• OSL, "Why Audits and Attestations Matter for Enterprise Stablecoin Adoption," accessed September 9, 2026