Tether hires Big Four firm for first full USDT audit
6.7 Stablecoins Tether has hired a Big Four firm for its first full audit, aiming to boost transparency and address USDT reserve concerns. This move sets a new standard for stablecoin issuers.
Tether has announced it has engaged a Big Four accounting firm to conduct its first full independent financial statement audit. This marks a significant shift from the reserve attestations previously used in the stablecoin sector. The audit will provide a comprehensive review of Tether's assets, liabilities, internal controls, and reporting systems, addressing long-standing questions about the reserves backing its USDT stablecoin, which has a market capitalization exceeding $184 billion. Although Tether has not disclosed which Big Four firm was selected, the move is widely seen as a major step toward greater transparency and accountability in the cryptocurrency industry. The onboarding phase with the auditor included a review of Tether’s systems and controls. This development is expected to set a new standard for stablecoin issuers and could influence competitors to follow suit. The audit is also anticipated to help Tether comply with evolving regulatory requirements.
