Tether Says It Will Be Audited By Big Four Accounting Firm—But Won't Say Which One
Tether, the leading stablecoin issuer, announced plans to undergo a full independent audit of its reserves, fulfilling a longstanding commitment. The company claims to hold about $192 billion in assets, mainly in U.S. Treasuries, to back its dollar-pegged token, USDT. Since its inception in 2014, Tether has avoided Big Four audits, instead relying on attestations by an Italian firm that has not directly verified its holdings. The company now reports signing with a Big Four firm for its first major audit but has not disclosed which firm. Tether’s move aligns with requirements from the GENIUS Act, which mandates audits for foreign stablecoin issuers. Tether’s smaller U.S.-based token, USAT, underwent a successful audit by Deloitte, but its reserves remain significantly lower than those of USDT. A comprehensive Big Four audit is expected to provide increased transparency and regulatory compliance.
