Tether has announced it hired one of the Big Four accounting firms to conduct a full audit of the reserves backing its USDT stablecoin. This will be the first such audit in the company’s history.
Previously, Tether only released periodic attestations of its reserves. The new audit will cover assets, liabilities, and internal control systems, CoinDesk reports.
USDT is the largest stablecoin on the market with a supply of around $184 billion. However, the company has faced years of criticism over a lack of transparency regarding its reserves.
Tether says its holdings are mainly backed by U.S. Treasury bills, as well as gold, Bitcoin, and loans. Still, the structure of these reserves has raised concerns about liquidity during periods of market stress.
What the full audit could change
A full audit is expected to improve trust in USDT among investors and regulators. Unlike attestations, it involves a comprehensive review of the company’s financial position.
Tether has not disclosed which firm will conduct the audit, but it is expected to be one of Deloitte, EY, KPMG, or PwC.
Why it matters for the market
USDT is a ключовий инструмент for crypto trading and market liquidity. Any doubts about its backing can affect the broader industry.
A move toward full audits could become an important step in setting transparency standards for the stablecoin sector.
Stablecoins are designed to maintain a stable value, usually pegged to the U.S. dollar. This means each token should be backed by real-world assets.
However, the composition of these reserves can vary — from cash to government bonds and even riskier instruments.
That is why both the market and regulators are increasingly calling for full audits instead of partial disclosures. In the future, this could become the standard for major stablecoin issuers.
Regulatory pressure is also increasing. FATF has previously warned about risks of stablecoins being used in illicit activity, particularly through transfers involving unhosted wallets.
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