Tether announced on March 24 that it has formally engaged a Big Four accounting firm to complete its first full independent audit of USDT reserves.
The audit is not finished yet, but this marks the first time the company has committed to a full financial review at this level.
The move is significant. For years, Tether has relied on quarterly attestations, which only show reserve snapshots.
A full audit goes further. It examines assets, liabilities, internal controls, and risk exposure over time. This is the standard used by major financial institutions.
The announcement addresses one of the longest-standing criticisms in crypto. Tether has never completed a full audit, despite multiple attempts in the past.
In 2018, an earlier audit effort collapsed after its auditor cut ties. In 2021, US regulators fined Tether for misleading statements about its reserves.
Tether is likely moving now due to rising institutional pressure and ongoing stablecoin regulation. With USDT’s market cap above $180 billion, its role in global crypto markets has become too large to operate without deeper scrutiny.
If completed successfully, this audit could reset transparency standards across the entire stablecoin industry.
