Tether Collaborates with Big Four Auditor to Verify 1:1 Backing for USDT Stablecoin

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto…

Share

Last updated:

March 22, 2025 04:47 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Tether, the issuer behind the world’s largest stablecoin USDT, is reportedly working with a Big Four accounting firm to conduct an audit of its reserves and confirm that each token is backed 1:1 with assets.

The move comes amid growing industry pressure for transparency, especially in light of past controversies surrounding the company’s claims.

Speaking to Reuters on March 21, Tether CEO Paolo Ardoino said that a full audit is a top priority for the firm.

Tether CEO Says Trump’s Pro-Crypto Stance Could Ease Audit Process

Ardoino noted that the process could be smoother under the pro-crypto stance of U.S. President Donald Trump, who has signaled support for greater integration of digital assets.

“If the President of the United States says this is top priority for the US, Big Four auditing firms will have to listen,” he stated.

While Ardoino confirmed ongoing discussions with one of the four major firms — PwC, EY, Deloitte, or KPMG — he did not specify which was involved.

Tether currently publishes quarterly attestations, but these fall short of a full independent annual audit, which would provide stronger assurance to regulators and investors.

Tether’s USDT is designed to maintain a stable value pegged to the U.S. dollar, claiming each token is backed by a reserve made up of cash, equivalents, and other assets.

Critics, however, have long questioned the accuracy and completeness of these claims.

To strengthen its financial operations, Tether recently hired Simon McWilliams as Chief Financial Officer, signaling a more serious approach to conducting a full audit.

In September 2024, critics like Cyber Capital founder Justin Bons labeled Tether a major threat to the crypto ecosystem, citing the lack of independent verification of its reserves.

His concerns echoed the findings of Consumers’ Research, a watchdog that also questioned Tether’s transparency.

Tether was previously fined $41 million in 2021 by the CFTC for misrepresenting its reserve backing.

More recently, it has pushed back against European regulations under MiCA, which prompted exchanges like Crypto.com to delist USDT and other tokens.

Tether Engages With U.S. Lawmakers to Shape Federal Stablecoin Regulations

Last month, it was revealed that Tether has engaged with U.S. lawmakers to help shape federal regulations for the stablecoin sector.

As reported, the company has been in discussions with Representatives Bryan Steil and French Hill, key figures behind the STABLE Act introduced on Feb. 6.

Ardoino reportedly confirmed that the company is also seeking to contribute to two additional stablecoin bills proposed by other legislators.

More recently, Federal Reserve Chair Jerome Powell affirmed the central bank’s support for developing a regulatory framework around stablecoins during a Senate hearing on February 11.

Powell stated that the Federal Reserve supports the creation of a regulatory framework for stablecoins, noting the importance of protecting consumers and savers.

Trending News
RecommendedPopular Crypto TopicsPrice Predictions

Explore new destinations with ease using the Garmin Drive 52 GPS Navigator! With over 17,988 ratings and a solid 4.4/5-star rating, this GPS system has been a top choice for travelers. Over 500+ units were bought in the past month, all for only $144.99.

This 5″ GPS navigator comes with essential driver alerts, real-time travel data, and external memory storage. The simple on-screen menus and bright, easy-to-see maps make it easy to navigate wherever you are. Plus, it’s road trip-ready with The HISTORY Channel database, featuring notable historic sites and much more to enhance your journey.

Don’t miss out—get your hands on the Garmin Drive 52 today for a smoother ride ahead! Buy Now for $144.99 on Amazon!

Help Power Techcratic’s Future – Scan To Support

If Techcratic’s content and insights have helped you, consider giving back by supporting the platform with crypto. Every contribution makes a difference, whether it’s for high-quality content, server maintenance, or future updates. Techcratic is constantly evolving, and your support helps drive that progress.

As a solo operator who wears all the hats, creating content, managing the tech, and running the site, your support allows me to stay focused on delivering valuable resources. Your support keeps everything running smoothly and enables me to continue creating the content you love. I’m deeply grateful for your support, it truly means the world to me! Thank you!