Tether is looking for the Big Four Firm for its first full financial audit: Report

Stablecoin Issuer Tether has been reported to be in contact with a large four accounting firm to highlight the assets reserve and prove its USDT (USDT) Stablecoin has been back in a 1: 1 ratio.

Tether CEO Paolo Ardoino reported that the audit process would be more straightforward under pro-crypto US President Donald Trump. It comes after the industry concerns are increasing In a potential crisis in liquid FTX For Tether due to lack of third-party audits.

Tether to produce first full audit after investigation

“If the President of the United States said this was the top priority for the US, the Big Four Auditing Firms would have to listen, so we were very happy there,” Ardoino said Reuters on March 21.

“This is our top priority,” Ardoino said. It has been reported that Tether is currently subject to quarterly reports but not a full independent annual auditing, which is broader and provides more certainty to investors and regulators.

However, Ardoino did not specify which of the big four companies – Pricewaterhousecoopers (PWC), Ernst & Young (EY), Deloitte, or KPMG – he plans to engage.

Tether’s USDT maintains its stable value by claiming to be -peg The US dollar in a 1: 1 ratio. This means that each USDT token is supported by reserves equal to its rotational supply.

These reserves include traditional currencies, cash equivalent and other properties.

Earlier this month, Tether hired Simon McWilliams as Chief Financial Officer In preparation for a full financial audit.

Industry concerns about Tether’s lack of auditing

In September 2024, the founder of Cyber ​​Capital Justin Bons was among those in the industry who announced Concerns about Tether’s lack of transparency.

“(Tether is) one of the biggest existing crypto threats. As we have to trust they hold $ 118B in collateral without proof! Even after the CFTC punished Tether for lying about their reserves in 2021,” Bons said.

Related: Tether has a $ 27M USDT in the punished Russian exchange Garantex

Around the same time, consumer research, A consumer protection groupA report that criticized Tether was published for lack of transparency.

Just three years ago, in 2021, the United States Commodities and Futures Trading Commission (CFTC) punished Tether with a $ 41 million civil financial penalty for lying about the USDT fully supported by reserves.

Meanwhile, more recently, Tether has expressed frustration over new European regulations that forced exchanges such as crypto.com to be dedicated USDT and nine other tokens to follow Mica.

“It was frustrating to see the quick actions brought by statements that were less clarifying the basis for these moves,” a spokesman for Tether told cointelegraph.

The cointelegraph reached Tether but did not receive a response through the time of publication.

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