Key Takeaways
- Tether is in talks with a Big Four accounting firm for a reserve audit.
- CEO Paolo Ardoino says the audit is more feasible under President Trump.
- Tether holds $94 billion in U.S. Treasury bills, mostly with Cantor Fitzgerald.
Tether, the issuer of the world’s largest stablecoin, is in discussions with a Big Four accounting firm as it pursues a full audit of its reserves, according to CEO Paolo Ardoino.
Audit as a top priority
In a March 21 interview, Ardoino confirmed that the audit has become the company’s “top priority” and said the political climate under U.S. President Donald Trump has made such efforts more realistic.
Ardoino added:
Now we are living in a landscape where it’s actually feasible.
Potential firms and timeline
He did not name the firm but noted it would be one of the Big Four — PwC, EY, Deloitte, or KPMG — and declined to offer a timeline.
Tether’s financial backing
Tether has issued over $140 billion in its dollar-pegged token, which it says is backed one-to-one with dollar-denominated reserves.
While the company currently releases quarterly attestations, it has never conducted a full audit, drawing scrutiny from regulators and investors.
Impact of Trump’s executive order
Ardoino cited Trump’s recent executive order on digital assets and his self-branding as a “crypto president” as key to advancing the audit.
He said:
If the President of the United States says this is top priority for the U.S., Big Four auditing firms will have to listen.
Leadership changes
Earlier in March, Tether appointed Simon McWilliams as CFO to lead the audit process.
Current holdings
As of December 31, Tether held $94 billion in U.S. Treasury bills and $108 million in cash.
Nearly 99% of those Treasury holdings are managed by Cantor Fitzgerald, whose former CEO, Howard Lutnick, now serves as Trump’s commerce secretary.
