Tether, the issuer of the world’s largest stablecoin, is reportedly in discussions with a Big Four accounting firm to conduct an audit of its reserves.

The company has faced calls for increased transparency, as its reserves are currently disclosed through quarterly reports rather than a full audit.

CEO Paolo Ardoino called the audit a “top priority” and suggested the current US regulatory climate may support this effort, but did not specify the firm or timeline.

As of Dec. 31, 2024, Tether reported over US$94 billion in US Treasury bills and US$108 million in cash and bank deposits, with Cantor Fitzgerald managing 99% of its Treasury holdings.

In 2024, Tether bought US$33.1 billion in US Treasury bills, making it the seventh-largest buyer of US government debt.

Recent Tether developments