Tether Engages with Major Accounting Firm for Reserve Audit

According to Odaily, Tether, the world's largest stablecoin issuer, is in discussions with one of the Big Four accounting firms to advance its long-promised reserve audit. Tether has issued over $140 billion worth of dollar-pegged cryptocurrencies, claiming that each token is backed by dollar-denominated assets. Currently, the company only releases quarterly reports and has yet to complete a full audit. Tether CEO Paolo Ardoino did not disclose the specific firm involved or the timeline for the audit, stating, "This audit is our top priority." Earlier this month, Tether appointed Simon McWilliams as Chief Financial Officer to lead the comprehensive financial audit efforts. Additionally, Tether is enhancing reserve transparency, having purchased over $33.1 billion in U.S. Treasury bonds in 2024, making it the seventh-largest buyer of U.S. Treasuries.