What to know:
- Tether has hired a Big Four accounting firm to conduct its first full financial statement audit of the reserves backing its $184 billion USDT stablecoin.
- The company, which has previously released only periodic attestations, said the audit will involve a detailed review of its assets, liabilities, controls and reporting systems.
- Tether did not name the firm but said it was chosen through a competitive process, amid longstanding criticism and scrutiny over whether USDT is fully backed one-to-one by liquid reserves.
Tether, the company that issues the widely used stablecoin USDT, announced on Tuesday that it has hired one of the world’s largest accounting firms to perform a comprehensive audit of its finances for the first time.
Tether’s Chief Financial Officer, Simon McWilliams, announced that a major accounting firm – one of the ‘Big Four’ – was chosen after a thorough selection process. He explained they selected this firm because Tether already follows the high standards expected of these top firms, and the audit will now proceed.
For years, the company has regularly reported on the assets that support its $184 billion stablecoin, USDT. However, a complete audit is more thorough, involving a detailed examination of all assets, debts, internal controls, and reporting processes.
Tether hasn’t revealed which company will conduct its audit. The term ‘Big Four’ refers to the leading accounting firms: Deloitte, EY, KPMG, and PwC.
This announcement comes after years of questions about whether Tether truly has enough money saved to cover all of its USDT tokens. Tether says its reserves are mostly U.S. Treasury bills, with smaller amounts in gold, Bitcoin, and various loans. However, some critics are concerned about how easily these assets could be sold quickly and the potential risks involved, particularly when financial markets are unstable.
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2026-03-24 16:34