Tether Pursues Its Initial Comprehensive Audit From The Big Four
Tether, the creator of the largest stablecoin in the world (USDT), is currently seeking its initial thorough audit from the big four accounting firms—KPMG, PwC, Deloitte, and EY.
“When the President of the US declares this a significant priority for the nation, the Big Four auditing firms will certainly take note, which we find very encouraging,” remarked Paolo Ardoino, CEO of Tether.
As per a report from Reuters on 24 March 2025, Ardoino indicated that ensuring transparency and the audit is the company’s foremost goal. “We are now in an environment where this is truly attainable,” he added.
Nevertheless, Ardoino has yet to specify which of the big four firms will carry out the audit for Tether.
Tether Initiates Its First Full Audit!
Could this action foster confidence in USDT?
— Codes For Tomorrow (@CodesTomorrow) March 24, 2025
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Company Faces Pressure from Multiple Angles
In Europe, the new Markets in Crypto-Assets (MiCA) framework necessitates that stablecoin issuers register with local authorities and adhere to fairly rigorous standards.
Tether’s absence of the required licenses under MiCA has led to platforms like Crypto.com and Coinbase removing USDT for users in Europe, increasing the urgency for the company to improve its crypto law and transparency protocols.
A representative for the company stated, “It’s disheartening to observe the swift actions prompted by remarks that provide minimal clarification regarding the rationale for such decisions.”
Tether asserts that alterations in regulation instigated by MiCA could pose substantial risks to European investors.
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Ardoino Claims Rivals Aim to “Eliminate Tether,” Critiques New Stablecoin Legislation
Recently, Ardoino expressed that while the business model of Tether’s competitors should focus on developing superior products and broader distribution networks, their actual goal is to “eliminate Tether.”
“Every business or political discussion they engage in invariably leads to this intent,” he noted. “Though it may seem exaggerated, it’s a reality being reported independently by numerous individuals inside and outside the digital asset space in contact with the US government.”
As Congress in the US considers new stablecoin legislation, Ardoino has voiced worries about what he sees as intentional efforts by competitors to diminish Tether’s standing in the stablecoin sector.
The proposed GENIUS Act in the US would require stablecoin issuers to undergo audits and maintain reserves in low-risk assets such as Treasury bonds, with non-compliant issuers potentially being barred from US markets.
Summary of Key Points
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Tether is currently working towards its first thorough audit with the major accounting firms—KPMG, PwC, Deloitte, and EY. It remains uncertain which firm will perform the audit.
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Tether’s CEO, Paolo Ardoino, has stressed that achieving full transparency through an all-encompassing audit has become the company’s “top priority.”
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A favorable audit from a Big Four firm could greatly enhance confidence in Tether.
The article Tether Seeks First-Ever Full Audit From The Big Four first appeared on 99Bitcoins.
