Tether Gets First Full Audit From Big Four Firm
After years of regulatory scrutiny over reserve transparency, Tether is breaking from tradition by hiring a Big Four accounting firm for its first full independent financial audit.
Key Takeaway
Tether's first full audit ends years of reserve secrecy that spooked regulators and gave USDC an edge.
Tether CEO Paolo Ardoino said the audit is about accountability, resilience, and confidence in the infrastructure that hundreds of millions of people and businesses rely on daily. The company announced the move on Tuesday after selecting the unnamed Big Four firm through a competitive process.
Tether CFO Simon McWilliams confirmed the selection but did not disclose which of the four accounting giants won the contract. The stablecoin issuer has faced ongoing questions about its reserves since launching as Realcoin in July 2014, later rebranding to Tether and expanding across multiple blockchains.
Tether's banking relationships collapsed in 2017 when Taiwanese partners ended ties over missing KYC checks, forcing the company to shift to partners in Puerto Rico and the Bahamas. That history of opacity explains why this first full audit marks a departure from Tether's traditionally secretive approach to reserve disclosures.
Ardoino's statement positioned the audit as infrastructure accountability rather than regulatory compliance theater. The company has historically resisted full audits despite competitors like USDC building market share by emphasizing regulated reserves and transparent attestations.
This article was written based on reporting from Cointelegraph.
