March 21, 2025 — Tether, the issuer of the world’s largest stablecoin USDT, is in talks to engage one of the Big Four accounting firms to audit its reserves, according to CEO Paolo Ardoino. The announcement marks a potential turning point in Tether’s long-standing battle with transparency concerns surrounding the backing of its $140 billion stablecoin.
In an exclusive report published by Reuters on Friday, Ardoino revealed that the company is “engaging” a top-tier global auditor to verify that every USDT token is fully backed on a 1:1 basis. While he did not name the specific firm, the Big Four accounting firms include Deloitte, EY, PricewaterhouseCoopers (PwC), and KPMG.
Regulatory Landscape Boosts Audit Feasibility
Ardoino credited the shifting U.S. regulatory climate under President Donald Trump as a catalyst for this move, stating that the current environment makes an official audit “actually feasible.” He added, “It’s our top priority,” underscoring the company’s renewed focus on building trust through third-party validation.
The push comes as U.S. lawmakers work toward a formal stablecoin regulatory framework. Just this week, President Trump urged Congress to expedite the passage of a stablecoin bill during the Digital Asset Summit in New York, signaling increased political support for digital asset oversight.
Long-Standing Transparency Concerns
Since launching USDT in 2014, Tether has faced recurring scrutiny over the transparency and composition of its reserves. Although the company has published attestation reports claiming 1:1 backing for its tokens, critics have long demanded a full independent audit by a major accounting firm.
Tether’s prominence in global crypto markets continues to grow. In 2024, it ranked as the seventh-largest buyer of U.S. Treasuries, surpassing countries like Canada and Mexico, according to financial reports. Yet concerns about reserve transparency remain a key issue in the broader stablecoin debate.
Strategic Appointments to Drive Oversight
In a move that reinforces its commitment to financial accountability, Tether recently appointed Simon McWilliams as its new Chief Financial Officer. McWilliams is tasked with spearheading the stablecoin issuer’s audit initiative and enhancing its financial reporting standards.
A Major Milestone Ahead?
If finalized, a Big Four audit would represent a milestone not just for Tether but for the entire crypto industry, setting a precedent for how large stablecoin issuers demonstrate reserve backing and regulatory compliance.
While the timeline and auditor remain undisclosed, the development signals that Tether is moving closer to meeting the transparency demands of regulators, institutional partners, and retail users alike.
