Recent reports claim that Tether CEO Paolo Ardoino is in talks with the Big Four accounting firms to finally conduct a third-party audit.
Recent reports claim that Tether CEO Paolo Ardoino is in talks with the Big Four accounting firms to finally conduct a third-party audit. However, some members of the community are skeptical, citing a lack of firm commitments.
Such an audit would be mandated by upcoming stablecoin regulations, and an absolute requirement for future cooperation with the US government.
Is Tether Finally Getting An Audit?
Tether, the issuer of the world’s largest stablecoin, may soon seek closer integration with the US government. In a speech yesterday, President Trump alluded to his vision of stablecoins’ role in promoting dollar dominance.
To achieve this partnership, however, Tether will finally need to agree to a third-party audit.
According to a new report by Reuters, Tether is engaging with a ‘Big Four’ accounting firm to make this audit happen. It didn’t specify which of these firms, PwC, EY, Deloitte, and KPMG, were in these talks or what progress had happened.
“It’s our top priority. Now we are living in a landscape where it’s actually feasible. If the President of the United States says this is top priority for the US, Big Four auditing firms will have to listen,” Ardoino claimed.
However, the news followed a lot of skepticism from the wider crypto community. Despite regular internal reports, a new CFO, and years of promises, Tether has never once submitted to a third-party audit. This has created a certain jaded attitude in some parts of the community.
Some speculated that the firm may try to secure a reserve-only audit, but the Big Four will likely only agree to a full accounting. Ardoino’s comment about Trump’s “top priority” seems revealing from this angle.
Why would the Big Four need an incentive like that for a normal audit? Tether made $13 billion in profit last year; surely it can afford their services.
Stablecoin Regulation May Hold Up A Deal
A third-party audit is critical for Tether because of the potential upcoming US stablecoin regulations. According to the proposed GENIUS Act, stablecoin issuers will need to submit to independent audits and hold much of their reserves in assets like Treasury bonds.
So, stablecoin issuers will not be able to operate in the US market without an audit of their US Treasury-based reserve assets.
Yesterday, the firm revealed that it purchased $33 billion in Treasury bonds last year. However, Ardoino claimed that 99% of these are held by Cantor Fitzgerald, a firm with long-standing ties to Tether.
The company’s CEO was Howard Lutnick until this January when he stepped down to become the US Secretary of Commerce. These political ties have also drawn some ire.
“Tether has a challenged reputation to say the least. They should be banned from buying US Treasuries until they pass a series of deep audits by US regulators — and that audit should go back to their inception. We’re taking a huge, unnecessary risk by letting this firm into our financial system,” Jason Calcanis claimed.
In other words, Tether skeptics are still not convinced that the stablecoin issuer will go through a large-scale public audit. Thanks to these political ties and substantial Treasury bonds, Tether is well-positioned to make a serious partnership with the US.
However, unless it passes an audit, as mandated by forthcoming regulations, Tether’s US presence might be at risk.
以上是繫繩首席執行官保羅·阿多利諾(Paolo Ardoino)正在與四大會計師事務所進行談判,以最終進行第三方審計的詳細內容。更多資訊請關注PHP中文網其他相關文章!

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