Tether Pursues First-Ever Full Audit Amid Industry Pressure and Financial Growth

Tether, the company behind the world's largest stablecoin USDT, is moving forward with its plan to conduct a comprehensive audit of its reserves. In an effort to increase transparency and alleviate industry pressure, Tether has initiated collaboration with one of the 'Big Four' accounting firms, although it declined to specify which organization is involved.

CEO Paolo Ardoino emphasized that obtaining a full audit represents a top priority for the firm, suggesting that U.S. President Donald Trump's supportive stance toward cryptocurrency integration may facilitate the process.

Tether 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 reported $113 billion in direct and indirect holdings alongside $7 billion in excess reserves, representing a 36% year-over-year increase.

The move comes after Tether was criticized by watchdog organizations such as Consumers' Research for its lack of transparency regarding reserve assets. In 2021, the Commodity Futures Trading Commission imposed a $41 million fine on Tether for misrepresentations regarding its reserve backing.