Overview
- Tether, which announced Tuesday it had engaged a Big Four auditor, said the firm’s name is undisclosed and the engagement is underway.
- The review is a full financial statement audit that examines assets, liabilities, internal controls and reporting systems, moving beyond prior snapshot attestations.
- USDT’s scale, with a market value above $184 billion and more than 550 million users, and reserves concentrated in U.S. Treasuries with smaller stakes in gold, bitcoin and loans, makes the audit unusually complex.
- Tether presents the step as aligning with new U.S. standards under the GENIUS Act, noting that Deloitte previously provided an attestation for its smaller U.S.-regulated USAT token.
- Coverage highlights that no completion date is set and that past fines and questions over reserve quality raise the stakes for a result that could shape trust and policy across the stablecoin market.