Tether in talks with 'Big Four' for full audit amid CFO appointment
Tether in talks with 'Big Four' for full audit amid CFO appointment
Tether, the issuer of the world’s largest stablecoin, USDT, is actively working to secure a full financial audit from one of the “Big Four” accounting firms.
Key Takeaways
- Tether CEO Paolo Ardoino called a full audit by a Big Four firm the company’s top priority.
- The audit push follows the appointment of new CFO Simon McWilliams to strengthen financial oversight.
- Tether is in discussions with one of the Big Four firms (Deloitte, PwC, EY, or KPMG), but hasn’t named which.
- The move comes after USDT was delisted in the EU due to non-compliance with MiCA licensing requirements.
CEO Paolo Ardoino, who assumed the role in December 2023, told the outlet that completing the audit is now a “top priority” for the company as it seeks to strengthen trust and expand institutional engagement, according to a report from Reuters.
While Tether declined to specify which firm — Deloitte, PwC, EY, or KPMG — it is engaging with, Ardoino emphasized the importance of the audit amid rising regulatory demands and global scrutiny. The move follows the recent appointment of Simon McWilliams as Tether’s new Chief Financial Officer. Ardoino stated that McWilliams’ leadership is key to pushing the process forward, citing the audit as a step toward reinforcing Tether’s position in the U.S. financial system.
USDT Market Cap. Source: CoinGecko.
Regulatory challenges in the EU and political tailwinds in the U.S.
The timing of Tether’s renewed push for transparency comes as the company faces regulatory headwinds abroad. In 2023, major exchanges delisted USDT in the European Union after the passage of the Markets in Crypto-Assets (MiCA) regulation, citing Tether’s lack of proper licensing. The audit initiative is seen as a bid to address compliance expectations in both U.S. and international markets.
Tether’s reserves are largely managed by Cantor Fitzgerald, a firm formerly led by current U.S. Commerce Secretary Howard Lutnick. Ardoino also pointed to President Donald Trump’s favorable stance on crypto as a motivating factor, telling Reuters, “If the President of the United States says this is a top priority, Big Four auditing firms will have to listen.”
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As pressure mounts for stablecoin issuers to meet institutional standards, Tether’s success in securing a full audit could set a new benchmark for the broader industry.
Read also: SEC hosts first-ever crypto roundtable to discuss digital asset regulations
