Tether Still Won't Show You the Audit Report

Tether has made some progress in addressing its long-standing audit demands, but it still hasn't delivered what critics have been asking for all along: a published and completed audit that anyone can read.

Back in March 2026, Tether announced that it had hired an unnamed Big Four accounting firm to carry out its first full independent financial statement audit. However, this promise is just the starting point, not the end result.

A signed engagement letter from a Big Four firm is not an audit opinion; it's merely a promise to start the process. In contrast, an audit digs through financial statements, controls, records, and evidence behind the numbers, providing a more comprehensive view of a company's health.

Tether has chosen a different model than Circle, which discloses USDC reserve holdings weekly and gets monthly third-party assurance on whether USDC reserves exceed circulation. Tether's huge scale, private ownership, and selective disclosure have raised concerns among skeptics.