According to CEO Ardoino, the audit is a top priority as the company aims to strengthen transparency in 2025.
As reported by Reuters, Tether is in talks with one of the Big Four accounting firms to conduct a full audit of its financial reserves. Paolo Ardoino, Tether’s CEO, confirmed that the audit has become a “top priority” for the company. In an interview on March 21, Ardoino said:
“It’s our top priority. Now we are living in a landscape where it’s actually feasible.”
Although the company has not revealed which of the Big Four—PwC, EY, Deloitte, or KPMG—is managing the audit process, Ardoino emphasized that Tether is working to provide clarity on the assets backing USDT.
In 2024, the company reported a profit of $13.7 billion, more than double the $6.2 billion of 2023.
Internal preparations for the audit
In preparation for the audit, Tether appointed Simon McWilliams as the new CFO in 2024. McWilliams replaced Giancarlo Devasini, now president of the company. Tether’s reserves are currently managed by Cantor Fitzgerald, a firm previously led by the current U.S. Secretary of Commerce, Howard Lutnick.
Audit implications
The audit is crucial for a potential partnership between Tether and the U.S. government, as stablecoin regulations require an independent verification of reserves. Ardoino cited President Trump’s favorable stance toward cryptocurrencies as motivation for conducting the audit, stating:
“If the President of the United States says this is top priority for the U.S., Big Four auditing firms will have to listen, so we are very happy with that.”
