Thomas Daniels
Tether, the issuer of the world’s largest stablecoin, is actively seeking a full audit of its USDT reserves by engaging one of the Big Four accounting firms—Deloitte, EY, PricewaterhouseCoopers, or KPMG. CEO Paolo Ardoino emphasized that securing such an audit is the company’s “top priority,” citing the favorable regulatory environment under President Donald Trump’s administration as a key enabler of this initiative.
Since its launch in 2014, Tether has faced persistent scrutiny over the transparency and sufficiency of its reserve backing. Although the company has issued over $140 billion in USDT tokens and provided regular attestation reports, critics have consistently raised concerns about the absence of a comprehensive, independent audit.
Ardoino stated that the current U.S. regulatory stance is creating new opportunities for cooperation with leading auditors. “If the President of the United States says this is a top priority for the U.S., Big Four auditing firms will have to listen,” he remarked, signaling a major shift in the feasibility of such efforts.
To strengthen its financial oversight, Tether recently appointed Simon McWilliams as its Chief Financial Officer. McWilliams, who brings over 20 years of experience in managing audits for global investment firms, is expected to spearhead the company’s drive toward a complete financial audit.
This strategic push aligns with broader legislative developments in the United States. The Senate Banking Committee has advanced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which proposes strict regulatory requirements for stablecoin issuers. Among its mandates, the legislation calls for full 1:1 asset backing, monthly reserve certifications, and rigorous liquidity and capital standards.
While Tether has not yet disclosed which auditing firm it is engaging or when the audit might be completed, the initiative marks a crucial step in enhancing trust and regulatory compliance within the crypto sector.
