Tether hires a 'Big Four' firm for a full audit of USDT reserves
Tether, the issuer of the world's largest stablecoin USDT, has engaged one of the "Big Four" accounting firms to conduct a comprehensive audit of its reserves. The move represents a significant shift from the company's previous practice of using smaller audit firms for attestation services. While Tether has not disclosed which of the four major firms—Deloitte, PwC, EY, or KPMG—will conduct the audit, the company confirmed the engagement will provide a full examination of its backing assets.
The decision comes after years of regulatory scrutiny and market pressure regarding USDT's reserve transparency. Tether has faced persistent questions about whether its stablecoin is fully backed by liquid assets, particularly following its 2021 settlement with New York regulators over reserve composition claims. The company has previously released quarterly attestation reports prepared by smaller firms, but critics have argued these reports lack the depth and credibility of a full audit by a major accounting firm.
The announcement could significantly impact the competitive stablecoin landscape, where transparency and regulatory compliance have become key differentiators. A clean audit from a Big Four firm would likely strengthen USDT's position against rivals like USDC, which already undergoes monthly attestations by Grant Thornton, and newer entrants emphasizing regulatory compliance.
Market participants will be watching for the audit timeline and whether Tether commits to regular Big Four audits going forward.
Source: CoinDesk
