Tether has announced the engagement of a Big 4 accounting firm to conduct its first full independent audit, marking a significant step towards transparency and regulatory compliance. The stablecoin issuer, known for its USDT token, revealed on March 24 that this audit will be the largest inaugural audit in the financial market. While Tether did not disclose which of the Big 4 firms—EY, Deloitte, PWC, or KPMG—has been selected, it emphasized that the choice was made through a competitive process. This move comes after years of scrutiny over Tether's reserve backing claims, particularly following a 2021 regulatory fine for false claims about USDT's backing. With a market cap of $184 billion, USDT is the largest stablecoin, and its stability is crucial to the crypto industry. Tether CEO Paolo Ardoino highlighted that the audit reflects the company's commitment to transparency and its confidence in its reserves. The audit is also seen as a strategic step to bolster Tether's market leadership and possibly meet compliance requirements in jurisdictions like El Salvador.
Tether Engages Big 4 Firm for First Comprehensive Audit
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