The audit aims to address long-standing questions over USDT reserves and push new disclosure standards.
Tether has hired a Big Four accounting firm to conduct its first full financial statement audit of the reserves backing its $184 billion USDT stablecoin. The company, which has previously released only periodic attestations, said the audit will involve a detailed review of its assets, liabilities, controls and reporting systems.
Tether did not name the firm but said it was chosen through a competitive process, amid longstanding criticism and scrutiny over whether USDT is fully backed one-to-one by liquid reserves."The Big Four Firm was selected through a competitive process because the organisation is already operating at Big Four audit standard," said Simon McWilliams, Chief Financial Officer of Tether. "The audit will be delivered." The company has long published periodic attestations of the assets backing the value of its $184 billion U.S. dollar stablecoin USDT. A full audit goes further: It requires a detailed review of assets, liabilities, controls and reporting systems. Tether did not name the firm that will complete the audit. The Big Four term is used for top accounting firms Deloitte, EY, KPMG, and PwC. The move follows years of criticism over whether Tether has fully demonstrated that USDT is fully backed by reserves. The company says its holdings consist largely of U.S. Treasury bills, along with smaller allocations to gold, bitcoin and a range of loans. That mix has drawnThe firm now manages about $2 billion, having already raised an additional $325 million for existing crypto investment strategies since last year.ParaFi raised $125 million for a new venture fund focused on stablecoins, tokenization and onchain financial products for institutions. The firm now manages about $2 billion, having already raised $325 million for existing crypto investment strategies since 2025, and has backed companies including Polymarket, Bitwise and Anchorage. While the fundraise comes during a challenging period for the industry, with bitcoin down 26% from this year's high, investors appear to be increasingly focused on the long-term potential of blockchain-based financial infrastructure.9 hours ago
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