Tether CEO says full audit by 'Big Four' firm is 'top priority' following new CFO hire: Reuters
Quick Take
- Stablecoin issuer Tether is reportedly in talks with a “Big Four” accounting firm to conduct a full audit of its reserves, according to a report from Reuters.
- Tether recently appointed a new CFO in a step towards conducting the full audit, after its stablecoins were largely banned in the EU.
The CEO of Tether, the world's largest stablecoin issuer, reportedly called a full audit by a "Big Four" accounting firm a "top priority" for the company.
Paolo Ardoino, who became Tether's CEO in December, 2023, told Reuters that the company is engaging with one of the four leading professional services firms — Deloitte, EY (Ernst & Young), PwC (PricewaterhouseCoopers), and KPMG — in order to conduct a full audit of the company's finances, which he called a "top priority."
Tether did not disclose which of the four firms it is currently engaging with, and did not immediately respond to a request for comment from The Block.
The report comes shortly after Tether appointed Simon McWilliams as its new CFO, setting its sights on a full financial audit of the company.
"With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting U.S. financial strength and expanding institutional engagement," Ardoino said at the time.
Tether's USDT stablecoin was widely delisted by exchanges serving the European Union last year following the passage of the MiCA regulation, since Tether did not obtain the appropriate licensing for its token.
Tether's significant treasury holdings are predominantly managed by Cantor Fitzgerald, formerly led by current U.S. Commerce Secretary Howard Lutnick. Ardoino cited President Trump's favorable view of crypto as motivation for conducting the audit, telling Reuters, "If the President of the United States says this is top priority for the U.S., Big Four auditing firms will have to listen, so we are very happy with that."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
