Tether said it will undergo its first full independent audit by a Big Four accounting firm, aiming to verify reserves backing its USDT stablecoin.
The company claims it holds around $192 billion in assets, largely in US Treasuries, but has historically relied on attestations rather than a comprehensive audit of its holdings.
The firm did not disclose which auditor it has engaged, though it confirmed the process will result in a full financial statement audit of its reserves.
The move comes as regulatory pressure increases under the US GENIUS Act, which requires foreign stablecoin issuers such as Tether to undergo rigorous audits to operate compliantly.
Tether CEO Paolo Ardoino has previously said the audit process is complex due to the company’s scale, but completing one would significantly strengthen transparency and credibility.
The company recently launched a US-focused stablecoin, USAT, which has already undergone an audit by Deloitte, albeit with a much smaller reserve base.
A successful audit of USDT could mark a turning point for the stablecoin sector, potentially improving institutional trust and regulatory acceptance of the largest dollar-pegged token.