Tether, the issuer of the world's largest stablecoin USDT (CRYPTO: USDT), is in active discussions with multiple ‘Big Four’ accounting firms to pursue a full financial audit, according to CEO Paolo Ardoino.
The talks, he said, represent a dramatic change in tone from the auditing firms, which previously distanced themselves from working with crypto companies.
What Happened: "There is a 180 degrees change," Ardoino told Benzinga in an interview. "From last year to this year, we had these firms contacting us and being very open."
He added that Tether is now going through the onboarding process with several of the world's largest auditors, although he did not specify which ones.
The shift, he explained, has coincided with political changes in the United States. "It's happened because of the administration of Trump," Ardoino said.
He pointed to prior resistance from lawmakers like Senator Elizabeth Warren (D-Mass.), who had criticized Big Four firms for servicing crypto clients. "Senator Warren was attacking the big four audit firms because they were servicing crypto companies and now things are changing."
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Why It Matters: Tether has long been a flashpoint in discussions around transparency in crypto.
While the company regularly publishes attestations of its reserves, critics have argued that only a full audit by a major global firm can verify the quality and stability of its backing.
The lack of such an audit has fed speculation and regulatory scrutiny over the years.
Ardoino said the company's efforts are now supported by a new chief financial officer appointed earlier this year.
"He went through multiple complex audits, also for public companies," he noted. "We are really committed to it."
The audit talks come as Tether is set to release its latest attestation, which shows the company generated $13.7 billion in profits in 2024, largely from interest earned on U.S. Treasuries.
The firm now holds close to $120 billion in short-term Treasuries, placing it among the top 20 global holders of U.S. government debt.
"We can meet redemptions in the tens of billions per day without the blink of an eye," Ardoino said, citing the firm's ability to tap overnight reverse repo markets for liquidity.
Alongside efforts to increase transparency, Tether is also diversifying its reserves and global footprint.
Its reserves include U.S. Treasuries, gold, Bitcoin and $5.4 billion in excess capital, with another $15 billion in group equity.
The company has also invested in AI infrastructure, energy, agriculture, and digital distribution platforms such as Rumble.
"We believe in long-term, stable investments," Ardoino said, referencing land and agricultural holdings. "To me, land and agriculture speak about stability."
He emphasized that Tether's broader vision includes strengthening partnerships with law enforcement and developing region-specific products.
The company now works with over 230 law enforcement agencies, including the FBI and Secret Service.
It is also exploring the possibility of launching a domestic U.S. payment-focused stablecoin, separate from USDT, once regulatory clarity improves.
What’s Next: Ardoino framed the ongoing audit conversations as part of Tether's maturing role in global finance. "We are a stablecoin that relies on the banking system," he said. "That's the way to go--and that's how it should be."
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