Tether seeks Big Four firm for its first full financial audit — Report
Tether is reportedly working with a Big Four accounting firm to conduct its first full audit, verifying that USDT is backed 1:1 by reserves.
Tether prioritizes full audit amid scrutiny
CEO Paolo Ardoino stated that a pro-crypto stance from President Trump could facilitate the audit process. He emphasized that Tether is already subject to quarterly reports but is now committed to a more extensive annual audit. However, he did not specify which firm—PwC, EY, Deloitte, or KPMG—would conduct it.
USDT’s stability relies on its claim of full backing by reserves, including cash and cash equivalents. In preparation, Tether recently appointed Simon McWilliams as CFO.
Concerns over Tether’s transparency
Tether has faced industry criticism for its lack of independent audits. Cyber Capital founder Justin Bons called it an “existential threat to crypto,” citing the lack of proof for its $118 billion in collateral.
In 2021, the CFTC fined Tether $41 million for misleading statements about USDT reserves. Additionally, a 2024 report by Consumers’ Research criticized the company for ongoing transparency issues.
Regulatory challenges
Tether also faces regulatory pressure in Europe. New MiCA regulations have led exchanges like Crypto.com to delist USDT. A Tether spokesperson expressed disappointment over the rushed implementation of these rules.
