Tether selects Big Four firm for USDT audit amid scrutiny
- Tether has chosen a “Big Four” auditing firm to conduct its first full financial statement audit of USDT, valued at $184 billion.
- The selection was made through a competitive process, as stated by CFO Simon McWilliams, emphasizing the firm’s adherence to Big Four standards.
- This audit will provide a comprehensive review of Tether’s assets, liabilities, controls, and reporting systems, going beyond previous attestations.
- Tether’s reserves primarily consist of U.S. Treasury bills, with smaller allocations in gold, bitcoin, and various loans.
- The decision follows years of criticism regarding the transparency and backing of USDT’s reserves during market stress periods.
The upcoming audit signifies Tether’s commitment to enhancing transparency around its stablecoin reserves amidst ongoing scrutiny from critics about liquidity and risk profiles.
With the full audit process initiated for its $184 billion stablecoin USDT, Tether aims to address concerns over its asset backing and overall financial integrity.
