#SECCryptoRoundtable Tether is negotiating with a major accounting firm regarding the audit of reserves

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According to Odaily, Tether, the world's largest issuer of stablecoins, is in negotiations with one of the four largest accounting firms to carry out the promised audit of reserves. Tether has issued cryptocurrencies worth over $140 billion, claiming that each token is backed by dollar-denominated assets. Currently, the company publishes only quarterly reports and has yet to complete a full audit. Tether's CEO Paolo Ardoino did not disclose the specific firm involved or the timeline for the audit, stating: "This audit is our number one priority." Earlier this month, Tether appointed Simon McWilliam as Chief Financial Officer to lead the efforts for a comprehensive financial audit. Additionally, Tether is enhancing the transparency of its reserves by purchasing over $33.1 billion in U.S. Treasury bonds in 2024, making it the seventh largest buyer of U.S. bonds.