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- Tether said it has engaged a Big Four accounting firm to carry out its first full independent financial audit.
- The review is set to cover digital asset reserves, traditional assets and tokenized liabilities linked to USDT, which Tether says now has a market cap above $184 billion and more than 550 million users worldwide.
Tether is taking its biggest step yet toward answering one of the longest-running questions in crypto: what sits behind USDT, and how thoroughly has it been checked.
Tether moves beyond reserve snapshots
The company said it has formally retained a Big Four accounting firm to conduct its first full independent financial statement audit. According to the report, the engagement will span its digital asset holdings, traditional reserves and tokenized liabilities, with the stated goal of providing stronger assurance that USDT is fully backed and liquid.
That matters because Tether has historically relied on attestations rather than a full audit. Attestations offer point-in-time confirmation of balances, while a full audit goes further into controls, reporting processes and the broader structure of the balance sheet.
The timing reflects how large USDT has become
The announcement lands at a moment when Tether is much larger, and much more systemically important to crypto, than when reserve questions first became a recurring market issue. Tether said USDT’s market capitalization now exceeds $184 billion. .
One point is still missing, though. Tether has not publicly identified which of the Big Four firms it hired. So the market now has a clear signal about direction, but not yet the final detail that many investors and counterparties will want before treating the issue as settled.
