Tether has formally hired one of the Big Four accounting firms to conduct its first-ever full independent financial audit, a significant leap for the stablecoin issuer. The audit will scrutinize the reserves backing $184 billion in USDT circulation, including digital assets, traditional holdings, and tokenized liabilities.
Audit Goes Beyond Standard Attestations
According to Tether, the selected firm began onboarding weeks ago, reviewing internal systems and controls. Several firms showed interest due to Tether’s scale. The company stated this engagement extends beyond the typical attestations used by other stablecoin issuers, covering a complex mix of assets and liabilities.
New CFO Drives Audit Readiness
Simon McWilliams was appointed Chief Financial Officer in early 2025, tasked with strengthening financial reporting and audit preparation. McWilliams said the firm was chosen through a competitive evaluation, and that Tether already operates at a level aligned with major audit requirements.
CEO on Long-Term Preparations
CEO Paolo Ardoino emphasized that the company has built systems over several years to meet strict financial standards. He said the audit will provide deeper scrutiny of operations and reserves. Tether also noted it retains earnings within its ecosystem to support USDT stability and holds resources in affiliates for balance sheet flexibility.
Transparency and Compliance Efforts
Parallel to the audit, Tether highlighted ongoing transparency updates and law enforcement cooperation to identify illicit activity and freeze funds when necessary. The company plans to move listed securities in the coming days as part of reserve management adjustments. The audit aims to deliver a detailed view of reserve composition and financial positioning, reflecting Tether's broader focus on operational oversight.