Tether to audit reserves with Big Four accounting firm

Tether is looking to hire a Big Four accounting firm to audit its asset reserves. CEO Paolo Ardoino explained that the audit is important for transparency. He believes Tether's stability comes from its full backing by dollar-denominated reserves. Ardoino noted that President Trump's support for cryptocurrency has encouraged Tether to proceed with this audit. The Big Four firms, which include PwC, Ernst & Young, Deloitte, and KPMG, are being considered for the audit, though Ardoino has not named any specific firm yet. So far, Tether has checked its reserves every quarter. Now, completing a full audit is seen as necessary. Founded in 2014, Tether issues the USDT stablecoin, which is designed to maintain a 1:1 value with the US dollar. Tether has grown to become the third largest cryptocurrency by market cap, currently valued at about $143.5 billion. Ardoino mentioned that Tether's stability is due to its dollar-backed reserves. He is optimistic that Trump's pro-crypto policies will prompt auditing firms to take notice. Tether has appointed new CFO Simon McWilliams to help with the audit preparations. The timeline for completing the audit has not yet been announced. In 2024, Tether was reportedly the seventh-largest buyer of US Treasuries and made around $10 billion in profit last year. Earlier this year, the company moved its headquarters from the British Virgin Islands to El Salvador, which has more favorable policies for cryptocurrency.