Tether Engages Big Four Firm for First Full USDT Audit, Keeps Auditor Name Undisclosed

Company confirms signed engagement after years of attestations, cites regulatory alignment and prior Deloitte audit of smaller USAT product

TL;DR

• Tether has signed a Big Four firm for its first full USDT audit but has not disclosed which firm
• The company reports about $192 billion in reserves, largely in U.S. Treasuries
• USAT stablecoin previously completed a Deloitte audit, while USDT has never undergone a full audit

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Tether confirmed on March 24, 2026 that it has formally engaged a Big Four accounting firm to conduct its first full independent financial statement audit of USDT reserves, marking a shift from its long-standing reliance on periodic attestations. The company said the engagement has already been signed but declined to identify the accounting firm when asked for comment. Tether described the move as part of its effort to enhance transparency, stating it is working toward completing its “first full independent financial statement audit.”

The company disclosed that its reserves total about $192 billion globally, with the majority of those holdings allocated to U.S. Treasuries. USDT, first launched in 2014, has grown into the largest stablecoin by market footprint without ever completing a full audit conducted by a Big Four firm. Tether has instead relied on reserve attestations, which provide periodic snapshots of holdings rather than a comprehensive examination of financial statements, liabilities, and internal controls over time.

Tether positioned the audit as a step toward higher reporting standards, describing the initiative as “setting a new quality standard for the digital asset economy.” The company’s chief executive, Paolo Ardoino, had previously indicated plans to pursue a Big Four audit, noting the process would require additional time due to the company’s scale. The March 24 announcement marks the first confirmation that such an engagement has been formally executed with a top-tier accounting firm.

The distinction between attestations and a full audit remains central to the development, as attestations do not involve a full verification of financial systems, risk exposure, and internal governance processes. Previous reviews were conducted by an Italian accounting firm that did not directly examine Tether’s full accounts and holdings. Earlier audit efforts had also failed to materialize, including a 2018 engagement that ended after the auditing firm severed ties with the company.

Regulatory context has intensified scrutiny of stablecoin reserves, with the GENIUS Act signed last summer requiring foreign stablecoin issuers to undergo rigorous audits of their backing assets. Tether, which is based in El Salvador, falls within the scope of those requirements. The company’s latest move aligns with those rules as it works toward meeting compliance standards tied to reserve transparency and financial disclosures.

The report also noted that Tether’s smaller U.S.-focused stablecoin, USAT, has already undergone a full audit, providing a contrast to the pending USDT process. USAT launched in January and completed an audit of its reserves by Deloitte roughly one month later. The product currently has a market capitalization of about $27 million, significantly smaller than USDT, which stands at approximately $184 billion based on circulating supply metrics.

This article has been refined and enhanced by ChatGPT.