The world's largest stablecoin issuer, Tether, announced on March 24 that it has officially commissioned a "Big Four" accounting firm to conduct its first full independent financial audit. Tether described this audit as "the largest first-time audit in financial market history," covering a complex combination of digital assets, traditional reserves, and tokenized liabilities.

From Periodic Attestations to a Full Audit: A Significant Upgrade in Transparency Standards

The current industry standard relies on periodic "attestations," where accountants confirm the existence of reserve assets, which falls short of a full financial audit. The full audit commissioned by Tether to the Big Four firm features a broader scope and stricter standards. During the audit process, the firm has comprehensively evaluated Tether's systems, internal controls, and financial reporting, while engaging in in-depth communication with a wide range of stakeholders.

Tether CEO Paolo Ardoino stated: " Trust is built when institutions are willing to open themselves fully to scrutiny. This audit represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance."

USDT Market Cap Exceeds $184 Billion, Global Users Surpass 550 Million

Currently, the market capitalization of USDT has exceeded $184 billion, with over 550 million users worldwide, making it the largest stablecoin in existence. Tether's CFO Simon McWilliams (who took office in early 2025) revealed that the auditing firm was selected through a competitive process, stating, "The company has met Big Four auditing standards, and the audit will be completed on schedule."

Reserve Adjustments in Progress, Some Listed Securities to be Transferred

Tether also stated that it will continue to optimize its reserve composition and will transfer some listed securities in the coming days. The company emphasized that it has long retained earnings within its holding companies rather than distributing dividends, ensuring sufficient capital to support the stability of USDT. These resources serve as additional balance sheet flexibility.

A Proactive Move Under Regulatory Pressure

For years, Tether has faced external skepticism regarding the transparency of its reserves. Commissioning a Big Four audit is seen as a strategic move to proactively elevate compliance standards against the backdrop of the passage of the US "GENIUS Act" and the gradual clarification of stablecoin regulatory frameworks. Once the full audit report is completed, it will mark the first time in Tether's history that its complete financial status is made public, serving as an important benchmark for transparency standards across the entire stablecoin market.

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