Tether hires Big Four auditor for its first full USDT audit

Tether engaged an undisclosed Big Four accounting firm to conduct the company’s first full audit of the reserves backing USDT and its financial statements, after years of using quarterly point-in-time attestations. The company did not provide a schedule for completion.

The auditor has been formally retained to review Tether’s accounts, including assets, liabilities, and internal controls, according to the company.

Tether did not identify the firm. The Big Four consists of Deloitte, PwC, EY, and KPMG. Deloitte previously issued a reserve attestation for USAT, a U.S.-regulated stablecoin tied to Tether and issued through Anchorage Digital; that review was a snapshot and did not apply to USDT or Tether’s broader finances.

“The Big Four firm was selected through a competitive process because the organization is already operating at Big Four audit standard,” according to CFO Simon McWilliams. “The audit will be delivered.”

“Trust is built when institutions are willing to open themselves fully to scrutiny,” noted CEO Paolo Ardoino.

Tether indicated that the audit will cover a balance sheet spanning digital assets, traditional reserves, and tokenized liabilities. The engagement follows several years of work to strengthen governance, reporting systems, and reserve management, the company stated.

For years, Tether has faced questions over whether its tokens are fully backed. It has issued attestations confirming reserve balances on specific dates. A completed audit would provide a broader assessment of assets, liabilities, and controls than attestations.

USDT remains the largest stablecoin in circulation, with a market capitalization above $180 billion and more than 500 million users globally, according to the company. Tether’s size has made it an active participant in short-term U.S. government debt markets, and executives have indicated it could rank among the largest buyers of U.S. Treasury bills.

The engagement comes as Tether expands its operations. The company recently introduced a U.S.-focused stablecoin called USAT and plans a hiring push to add about 150 employees over the next 18 months, according to company information. Tether has reported continued USDT user growth during periods of market stress.