Tether Engages with Major Accounting Firm for Reserve Audit
Tether, the leading stablecoin issuer, is reportedly in talks with a Big Four accounting firm to conduct its long-awaited reserve audit. With over $140 billion in dollar-pegged cryptocurrencies issued, Tether claims full dollar backing, yet only releases quarterly reports. CEO Paolo Ardoino, emphasizing the audit as a "top priority," declined to name the firm or timeline. This move follows the appointment of Simon McWilliams as CFO to spearhead the audit. Tether is also boosting reserve transparency, becoming the seventh-largest buyer of U.S. Treasury bonds with over $33.1 billion purchased in 2024.