Tether, the company behind the world’s largest stablecoin, is moving closer to conducting a long-promised audit of its reserves. CEO Paolo Ardoino revealed that the firm is now “engaging with a Big Four accounting firm,” a step that has been years in the making.
A New Era of Transparency Under Trump?
With over $140 billion in dollar-pegged USDT tokens in circulation, Tether has long faced pressure to provide a full, independent audit of its dollar reserves. Although the company currently releases quarterly reserve reports, critics have continued to demand a deeper and more rigorous accounting.
“It’s our top priority,” Ardoino said, pointing to a more favorable political environment under U.S. President Donald Trump as a reason the audit may finally happen. He referred to the Biden-era regulatory scrutiny as “Operation Chokepoint 2.0,” a term used in the crypto community to describe alleged efforts to cut off crypto companies from traditional financial services.
“If the President of the United States says this is top priority for the U.S., Big Four auditing firms will have to listen, so we are very happy with that,” Ardoino added.
Tether’s Expanding Treasury Footprint
According to its latest quarterly reserve report compiled by BDO Italia, as of December 31, Tether held more than $94 billion in U.S. Treasury bills and over $108 million in cash and bank deposits. Nearly all of the Treasury holdings—around 99%—are managed by Wall Street brokerage Cantor Fitzgerald.
Tether has also been actively purchasing U.S. debt, having acquired over $33.1 billion worth of Treasury bills in 2024 alone. That figure makes it the seventh largest holder of U.S. government debt.
Preparing for a Full Audit
Tether recently hired Simon McWilliams as Chief Financial Officer, bringing in experienced leadership to guide the company toward full financial transparency. Although Ardoino did not name which Big Four firm is involved—PwC, EY, Deloitte, or KPMG—his comments suggest the company is closer than ever to realizing its audit goal.
Stablecoins like USDT play a crucial role in crypto markets, allowing users to seamlessly move funds between different assets or into fiat currency. A full audit would go a long way in strengthening investor confidence and could set a precedent for others in the sector.