Tether, issuer of the world’s largest dollar-based stablecoin USDT, says it has enlisted the services of a Big Four accounting firm to audit its operations.
For years, Tether was peppered with allegations of shortcomings of reserves tied to USDT. More recently, Tether has partnered with Anchorage to issue a payment stablecoin in the US that adheres to the GENIUS Act, the law that legalized stablecoin issuance in the US.
Today, Tether says it has signed a formal agreement with an unnamed accounting firm, which should put any latent rumblings of misdeeds to rest.
Tether stated:
A full audit by a Big Four firm is among the most rigorous and globally recognized forms of financial assessment. For Tether, the engagement of a Big Four underscores its commitment to providing deep assurance that USD₮ is fully backed, highly liquid, and operated with world-class risk management.
The company noted that the current standard for stablecoin issuers is to use attestations, but says they are “moving beyond this benchmark toward a full audit.”
Tether CEO Paolo Ardoino says their mission has always been to build trust via actions:
“Trust is built when institutions are willing to open themselves fully to scrutiny. This audit represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance. For the hundreds of millions of people and businesses who rely on USD₮ every day, this audit is not just a compliance exercise; it is about accountability, resilience, and confidence in the infrastructure they depend on.”
Tether stated that in recent years it has sought to improve operations, including:
- Strengthened its reserves, ensuring exceptional liquidity and conservative asset management
- Delivered consistent transparency updates, giving the public visibility into reserve composition
- Collaborated extensively with global law enforcement, helping identify illicit activity, freeze unlawful funds, and protect users
- Implemented robust compliance and risk systems, ensuring USD₮ maintains its position as a safe and reliable digital dollar
- These efforts have supported the rise of USD₮ as the most trusted, widely used, and mission-driven digital currency on the planet.
Stablecoin issuance is poised to become a big business. While Tether has an early-entrant advantage, the sector will grow more competitive over time as traditional finance enters it and some firms partner with infrastructure platforms to offer bespoke digital currencies. In reality, stablecoins are the future of payments and transfers with a twist, as programmability can be part of the service, and security and speed will be enhanced, not to mention lower fees.
At the same time, it is expected that dollar-based stablecoins will help buttress fortress dollars, as reserves will mainly be held in US Treasuries and will be more accessible to a global population.
