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Tether CEO Paolo Ardoino blamed the delay on the Biden-era crackdown on cryptocurrencies, stating that a full audit is now the company’s “top priority.”
Tether (USDT), the issuer of the world’s largest stablecoin, is working with a Big Four accounting firm to secure a long-awaited audit of its reserves, CEO Paolo Ardoino told Reuters in an interview.
He suggested the effort would be more straightforward under a second Trump administration, citing regulatory challenges faced during President Biden’s term.
Ardoino did not specify which of the Big Four firms – PwC, EY, Deloitte, or KPMG – Tether is engaging with, nor did he provide a timeline for when the audit might be completed.
Tether has issued over $140 billion worth of its dollar-pegged stablecoin, USDT, and has long promised an independent audit of its reserves.
The company claims to back every token with dollar-denominated assets, including U.S. Treasury bonds, but has so far only released quarterly reports rather than a full financial audit.
"It's our top priority," Ardoino said. "Now we are living in a landscape where it's actually feasible."
The CEO suggested that a Trump presidency could help clear regulatory hurdles for stablecoins, contrasting it with what he called "Operation Chokepoint 2.0" – a term used by Trump to describe alleged efforts by the Biden administration to limit digital asset firms' access to banking services.
Earlier this month, the company announced it had purchased over $33.1 billion worth of U.S. Treasury bills in 2024, making it the world’s seventh-largest holder of U.S. government debt. This puts Tether ahead of countries like Canada, Taiwan, Mexico, and Norway in terms of Treasury holdings.
According to Ardoino, Tether’s increasing stake in U.S. debt demonstrates its commitment to financial stability.
On Stocktwits, retail sentiment around Tether’s token remained in ‘bearish’ territory amid tepid levels of chatter.
Tether’s significant growth comes during a period of growing stablecoin adoption among both investors and U.S. lawmakers.
U.S. lawmakers are moving closer to passing legislation establishing clearer rules for stablecoins and the broader crypto market.
Kristin Smith, CEO of the Blockchain Association, expects new regulations to be in place by August at the Digital Asset Summit in New York earlier this week.
Similar predictions were made by Bo Hines, executive director of the President’s Council of Advisers on Digital Assets at the conference.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
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