Tether, the creator of the world's largest stablecoin, is engaging with a Big Four accounting firm to advance its long-awaited audit of reserves, an effort CEO Paolo Ardoino believes will be more feasible under U.S. President Donald Trump.
Tether has issued over $140 billion worth of its dollar-pegged cryptocurrency and has long promised to release an audit. The firm's token is structured to maintain a constant value, which Tether asserts is achieved by holding dollar-denominated reserves for each token issued.
An audit would provide clarity regarding Tether's reserves, which are currently disclosed in quarterly reports but not subject to full auditing.
"It's our top priority," Ardoino stated. "Now we are living in a landscape where it's actually feasible."
Ardoino did not specify which Big Four firm—PwC, EY, Deloitte, or KPMG—Tether is in discussions with, nor did he indicate when an audit might take place.
He suggested that Trump's favorable stance on cryptocurrency would facilitate the audit, contrasting it with what he termed "Operation Chokepoint 2.0," referring to perceived efforts by U.S. regulators to restrict crypto companies' access to financial services.
During his campaign, Trump vowed to be a "crypto president," and he has since signed an executive order aimed at establishing a framework for digital asset regulations.
"If the President of the United States prioritizes this, the Big Four auditing firms will have to pay attention, so we are very pleased with that," Ardoino remarked.
Earlier this month, Tether appointed Simon McWilliams to lead the company toward a comprehensive financial audit.
Stablecoins are commonly utilized to transfer funds between various cryptocurrencies and into traditional cash.
Tether reported purchasing over $33.1 billion in U.S. Treasury bills in 2024, making it the seventh-largest buyer of U.S. government debt.
As of December 31, Tether held more than $94 billion in U.S. Treasury bills and over $108 million in cash and bank deposits, according to a quarterly report compiled by accounting firm BDO Italia.
Notably, 99% of the U.S. Treasury bills are held with Wall Street brokerage Cantor Fitzgerald, as confirmed by Ardoino. Howard Lutnick, the former CEO of Cantor, serves as Trump's commerce secretary.