Tether Commissions First Full Audit of USDT Reserves

Tether, the company behind the world’s most widely used stablecoin USDT, has announced that it will commission a full audit of its reserves by one of the world’s leading auditing firms, commonly referred to as the “Big Four.”

The decision follows a selection process in which the chosen firm met the highest auditing standards. According to Tether’s Chief Financial Officer, Simon McWilliams, the audit will be comprehensive in scope.

Until now, Tether has regularly published attestations—reports confirming the assets backing USDT, which currently has a market capitalization of $184 billion. However, a full audit is a far more detailed process. It includes an in-depth examination of assets, liabilities, internal controls, and financial reporting systems.

The company has not disclosed which of the Big Four firms—Deloitte, EY, KPMG, or PwC—will carry out the audit.

The decision to conduct a full audit comes after years of criticism regarding the transparency of Tether’s reserves. Concerns have primarily focused on whether USDT is fully backed by appropriate assets.

According to the company, its reserves consist mainly of U.S. Treasury bonds, along with smaller allocations in gold, bitcoin, and various types of loans. However, this structure has raised concerns among some market observers, who point to potential risks and liquidity issues associated with certain assets, especially during periods of market volatility.