After years of public scrutiny and 'harsh' treatment, Tether has announced it formally engaged a Big Four firm for its first full independent financial statement audit. This development follows long-standing demands for greater transparency regarding USDT reserves. Tether CEO Paolo Ardoino previously indicated difficulties in securing such an audit due to the political and regulatory climate, including pressures from figures like Senator Warren. Despite past regulatory challenges, such as the CFTC ordering Tether to pay $41 million in 2021, USDT's market capitalization has grown to over $184 billion with more than 550 million users. The company views this audit as moving 'beyond' the current standard of attestations, explicitly aiming to integrate further into the institutional financial system, an effort highlighted by the hiring of Simon McWilliams as CFO in March 2025 with a mandate to drive this audit.

After years of public scrutiny and 'harsh' treatment, Tether has announced it formally engaged a Big Four firm for its first full independent financial statement audit. This development follows long-standing demands for greater transparency regarding USDT reserves. Tether CEO Paolo Ardoino previously indicated difficulties in securing such an audit due to the political and regulatory climate, including pressures from figures like Senator Warren. Despite past regulatory challenges, such as the CFTC ordering Tether to pay $41 million in 2021, USDT's market capitalization has grown to over $184 billion with more than 550 million users. The company views this audit as moving 'beyond' the current standard of attestations, explicitly aiming to integrate further into the institutional financial system, an effort highlighted by the hiring of Simon McWilliams as CFO in March 2025 with a mandate to drive this audit.