Tether Engages Big Four Firm for Reserve Audit

Tether, the issuer of the largest stablecoin, is in discussions with a Big Four accounting firm to conduct a long-awaited audit of its reserves, according to CEO Paolo Ardoino. He claims that the current regulatory environment under U.S. President Donald Trump makes it feasible to engage a top accounting firm, which could enhance the company's transparency regarding its backing for the $140 billion worth of USDT. Tether has faced scrutiny over its reserve practices since its inception in 2014, providing only quarterly attestations rather than a full audit. Ardoino highlighted that Trump's favorable stance on cryptocurrency is beneficial for Tether's efforts, especially in light of recent calls for stablecoin regulation. The company has recently appointed Simon McWilliams as CFO, who will lead the audit initiative. This development comes as Tether continues to accumulate U.S. Treasury bills, reinforcing its financial position in the market.