Tether has engaged a Big Four accounting firm to carry out its first full independent audit of reserves backing more than $184 billion in USDT. The step moves the company beyond the attestations it had published in the past and into a broader review of assets, liabilities, and internal controls.
Full audit goes beyond reserve snapshots
Tether’s earlier disclosures were described as attestations, which function more like point-in-time snapshots. A full audit is broader. It examines financial records, liabilities, operational systems, and the handling of reserve assets to test whether the issuer’s claims hold up under a deeper review. For USDT, the central question is whether each token is backed 1-to-1 by real-world assets.
The company did not name the audit firm. In the report, the “Big Four” refers to Deloitte, EY, KPMG, and PwC. Tether said most of its reserves are held in U.S. Treasury bills, while gold and Bitcoin are also part of the reserve mix.
USDT scale puts reserve transparency in focus
USDT remains the largest stablecoin by usage, with a reported value above $184 billion. The source article says more than 550 million people around the world use it for transfers or crypto trading. Because of that scale, any change in how Tether discloses its reserves tends to draw close attention across the digital asset market.
The article also links the audit plan to stricter standards for digital dollars in the United States, including the GENIUS Act mentioned in the source. As part of the transition, Tether appointed Simon McWilliams as chief financial officer in 2025.
Tether is reorganizing records ahead of the review
According to the report, Tether is moving some holdings and organizing records in preparation for the auditors. The company also said it is keeping profits inside the business rather than distributing them, with the aim of preserving extra liquidity to support USDT during periods of market stress.
Chief executive Paolo Ardoino said trust is built through action, and opening the company to this level of scrutiny is part of that effort. If completed as described, the audit would place the largest stablecoin issuer under a standard closer to the financial review expected of major traditional firms.