CEO States Tether Is Seeking Audit of ‘Big Four’ Accounting Firm for Reserves

Tether is reportedly seeking to engage a Big Four auditor to evaluate the reserves of its U.S. dollar-pegged stablecoin.

Paolo Ardoino, the CEO of Tether, stated that the firm is “engaging” one of the foremost accounting firms globally to perform an audit of its Tether (USDT) reserves.

This news was brought to light by Reuters in a report published on Friday, March 21, 2025.

According to the report, Ardoino views the current crypto regulatory climate under U.S. President Donald Trump as a favorable development for the sector.

He noted that getting a Big Four auditor – which includes Deloitte, EY (formerly Ernst & Young), PricewaterhouseCoopers, and KPMG – to audit Tether’s USDT reserves is achievable in the U.S. under Trump.

Tether and its reserves have been a subject of controversy since the stablecoin’s introduction in 2014.

Despite facing criticism, the company has emerged as a key player in the cryptocurrency market.

To date, Tether has issued over $140 billion USDT, claiming through various attestation reports that each dollar-pegged token is backed 1:1.

However, many critics have pointed to what they perceive as a lack of transparency.

In light of recent regulatory developments in the U.S., this initiative to have one of the top accounting firms conduct an audit of Tether’s reserves could represent a significant advancement for the company.

“It’s our top priority,” the Tether executive remarked. “Currently, we are in an environment where this is actually feasible.”

While Ardoino mentioned this initiative is in progress, he did not provide any details about which accounting firm Tether is considering or when the audit might take place.

News of Tether seeking to engage a Big Four accounting firm to validate USDT reserves coincides with the U.S. moving toward stablecoin regulation legislation.

Earlier this week, during a speech at the Digital Asset Summit in New York, President Trump called on Congress to advance the stablecoin legislation.

Additionally, Tether has recently appointed Simon McWilliams as its Chief Financial Officer.

As CFO, McWilliams will lead Tether’s initiative to conduct a comprehensive financial audit.