Tether Pursues First-Ever Full Audit Amid Growing Pressure for Transparency

Tether, the company behind the world's largest stablecoin USDT, is taking steps to improve transparency and address criticism over its reserves. In a move aimed at quelling concerns, Tether has initiated collaboration with one of the 'Big Four' accounting firms to conduct a comprehensive audit of its reserves.

The process aims to verify that each token is backed 1:1 with assets, as required by regulators and investors. CEO Paolo Ardoino emphasized that obtaining a full audit represents a top priority for the firm, stating that if US President Donald Trump's supportive stance toward cryptocurrency integration continues, 'Big Four' auditing firms will have to listen.

Tether has reported significant financial performance in its most recent attestation for Q4 2024, highlighting $13.7 billion in profit for 2024, including approximately $6 billion in the fourth quarter alone. The company also revealed $113 billion in direct and indirect holdings alongside $7 billion in excess reserves, representing a 36% year-over-year increase.