Tether, the largest issuer of stablecoins, is in discussions with a “Big Four” accounting firm to conduct an audit of its reserves, a move CEO Paolo Ardoino described as a priority for the company. Tether has issued over $140 billion worth of its dollar-pegged cryptocurrency, and although it has long promised an audit, the company has yet to release a full audit of its financials.
Currently, Tether provides quarterly reports on its reserves but has not undergone a full audit. Ardoino emphasized that securing an audit is now “feasible” and a top priority for the company. He did not specify which of the four major accounting firms—PwC, EY, Deloitte, or KPMG—Tether is in talks with or provide a timeline for when the audit would take place.
Ardoino also linked the feasibility of the audit to U.S. President Donald Trump’s stance on cryptocurrency. He argued that Trump’s support for digital assets could make it easier for Tether to engage with major accounting firms, in contrast to what the crypto industry has termed “Operation Chokepoint 2.0,” referring to alleged efforts by U.S. regulators to restrict access to financial services for crypto companies.
Trump, during his campaign, pledged to be a “crypto president” and has since signed an executive order to establish a strategic cryptocurrency reserve and promised regulatory reforms for digital assets. Ardoino expressed confidence that with Trump’s backing, major auditing firms would be more inclined to work with Tether.
Additionally, Tether has recently appointed Simon McWilliams as its chief financial officer to guide the company toward a comprehensive financial audit. As part of its financial activities, Tether purchased more than $33.1 billion in U.S. Treasury bills in 2024, positioning it as the seventh-largest buyer of U.S. government debt.
As of December 31, Tether’s reserves included over $94 billion in U.S. Treasury bills and more than $108 million in cash and bank deposits, according to a quarterly report compiled by BDO Italia. Ardoino also confirmed that 99% of these Treasury bills are held with Wall Street brokerage Cantor Fitzgerald, led by Howard Lutnick, who is closely connected to Trump’s administration.
