Tether, the world's largest stablecoin issuer, is approaching a Big Four accounting firm to advance its long-promised reserve audit. Tether has issued more than $140 billion worth of U.S. dollar-pegged cryptocurrencies, and the company claims that each token is backed by U.S. dollar-denominated assets. It currently only publishes quarterly reports and has not yet completed a full audit. Tether CEO Paolo Ardoino did not disclose the specific firm being negotiated or the audit schedule. He said: "This (audit) is our top priority."
Tether appointed Simon McWilliams as chief financial officer earlier this month to promote a comprehensive financial audit. At the same time, Tether is also constantly strengthening the transparency of its reserves, purchasing more than $33.1 billion in U.S. Treasuries in 2024, becoming the seventh largest buyer of U.S. Treasuries.