- Tether has said it is engaging with a Big Four accounting firm to pursue a full audit of its reserves
- The move follows increasing pressure for transparency around stablecoin backing
- CEO Paolo Ardoino has said the process is now “actually feasible” under the current U.S. administration
Paolo Ardoino, CEO of Tether, the company behind the world’s largest stablecoin USDT, has confirmed it is in talks with a Big Four audit firm to carry out a full audit of its reserves. The disclosure comes as the firm seeks to reassure both regulators and users after years of scepticism over the extent to which its tokens are truly backed by fiat currency. Tether’s leadership now believes the political climate has shifted in their favour, making a full-scale audit more viable, something that, for many, is the only way the perpetual doubts will be silenced.
Tether Welcomes Shift in Tone
Tether has long resisted calls for a complete audit, offering instead periodic attestations of its reserves, complaining that no large-scale firms have the capability or desire to audit their complex holdings. Now, Ardoino says the company is making a serious push, telling Reuters, “We are engaging with a Big Four accounting firm” in an attempt to silence its critics once and for all.
Ardoino added that the pro-crypto stance from the White House has helped its cause, noting, “If the President of the United States says [crypto] is top priority for the U.S., Big Four auditing firms will have to listen, so we are very happy with that.” Ardoino added that a full external audit from a top-four firm was “actually feasible” for the first time.
New CFO to Lead the Charge
The announcement comes just weeks after Tether appointed Simon McWilliams as its new Chief Financial Officer. McWilliams, a veteran with more than two decades in financial auditing, is expected to play a key role in steering the audit process. His appointment is widely seen as a signal that the company is serious about achieving the kind of financial transparency it has long promised.
With over $100 billion in USDT tokens in circulation, Tether plays a central role in the global crypto economy, serving as a key on-ramp for trading and liquidity. A successful audit by a Big Four firm would be a major milestone—not just for Tether, but for the stablecoin sector as a whole. Analysts say it could pressure other issuers, such as Circle (USDC), to go further in opening their books.
A clean bill of health for Tether would silence eight years’ worth of concerns that the hundreds of billions backing USDT is nothing but hot air, a revelation which, if proved, would devastate the crypto market.
