Tether Pursues First-Ever Full Audit Amid Growing Transparency Pressure
Tether, the issuer of the largest stablecoin USDT, has taken a significant step towards greater transparency by initiating a comprehensive audit of its reserves. The company's CEO, Paolo Ardoino, confirmed that Tether is collaborating with one of the 'Big Four' accounting firms to conduct an independent annual audit.
Ardoino emphasized that obtaining a full audit is a top priority for the firm and highlighted the importance of U.S. President Donald Trump's supportive stance towards cryptocurrency integration in facilitating this process.
Tether reported significant financial performance in its most recent attestation for Q4 2024, with $13.7 billion in profit for 2024, including approximately $6 billion in the fourth quarter alone. The company also announced a 36% year-over-year increase in direct and indirect holdings, reaching $113 billion alongside $7 billion in excess reserves.