Tether, the issuer of the world’s largest stablecoin (USDT), is actively pursuing its first comprehensive audit with the big four accounting firms—KPMG, PwC, Deloitte, and EY.
“If the President of the US says this is a top priority for the US, Big Four auditing firms will have to listen, so we are very happy with that,” said Paolo Ardoino, CEO of Tether.
According to a Reuters report dated 24 March 2025, Ardoino said transparency and the audit is the company’s top priority. “Now we are living in a landscape where it’s actually feasible,” he added.
However, so far Ardoino has not clarified which of the big four will be auditing Tether.
🚨 Tether Plans First Full Audit! 🚨#Tether is working with a Big Four accounting firm to audit its reserves after years of criticism. CEO Paolo Ardoino says transparency is a "top priority." 🔍💰
Will this move build trust in USDT? 🤔#Crypto #Tether #USDT #Blockchain pic.twitter.com/7tKQoG99MU
— Codes For Tomorrow (@CodesTomorrow) March 24, 2025
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Company Is Pressed From All Directions
In Europe, the recent Markets in Crypto-Assets (MiCA) framework requires stablecoin issuers to register with local regulators and meet rather stringent standards.
Tether’s lack of necessary licenses under MiCA has already resulted in exchanges like Crypto.com and Coinbase delisting USDT for European users, creating urgency for the company to enhance its compliance and transparency measures.
A company spokesperson said, “It is disappointing to see the rushed actions brought on by statements which do little to clarify the basis for such moves.”
According to Tether, changes in regulation triggered by MiCA could cause significant risks to investors in the EU.
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Ardoino Says Competitors Want To “Kill Tether,” Criticizes New Stablecoin Bill
Recently, Ardoino said that while Tether’s competitors business model should be to build a better product and even bigger distribution network, their real intent is to “Kill Tether.”
“Every single business or political meeting that they have culminates with this intent,” he added. “While might seem an overstatement, it’s a fact and it’s being reported independently by hundreds of people inside and outside the digital assets industry in touch with the US administration.”
As the US Congress deliberates on new stablecoin legislation, Ardoino has raised concerns about what he perceives as deliberate attempts by competitors to undermine Tether’s dominance in the stablecoin market.
The GENIUS Act in the US would mandate stablecoin issuers to undergo audits and maintain reserves in conservative assets like Treasury bonds, with non-compliant issuers potentially facing exclusion from US markets.
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