Tether, the creator of the world’s largest stablcoin, is “committing to an accounting firm of the great four” while pressing for a long -awaited audit of his reserves, an effort that CEO Paolo Ardoino said it will be easier under the president of the United States, Donald Trump.
Tether has issued more than 140,000 million dollars in his cryptocurrency linked to the dollar and said for years that he will publish an audit. His Token is designed to maintain a constant value, something that Tether says he makes when maintaining reservations called dollars for each token that he creates.
An audit would help Tether improve the transparency of his reserves, which are currently subject to quarterly reports, but not to a complete audit.
“It’s our top priority,” said Ardoino. “Now we live in a landscape in which it is really feasible.”
Ardoino did not specify with which of the “four great” firms -pwc, EY, Deloitte and KPMG- is talking Tether, and refused to indicate when an audit would be carried out.
Trump’s position towards cryptocurrencies should pave the way for Tether to audite his reserves, Ardoino said, in contrast to what he called “Operation Chokepoint 2.0”, a phrase used by the cryptocurrency industry to refer to what he said it was a concerted effort of US regulators to deny cryptocurrency companies access to financial services.
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Tether bought more than 33,100 million pesos in US Treasury lyrics
In the electoral campaign, Trump promised to be a “president of cryptocurrencies” and since then has signed an executive order to establish a strategic cryptocurrency reserve and has promised to review the regulations of digital assets.
“If the president of the United States says that this is the highest priority for the United States, the four great audit firms will have to listen, so we are very happy with that,” said Ardoino.
Earlier this month, Tether hired Simon McWilliams as financial director to lead the company to a complete financial audit.
Stablecoins are widely used to move funds between different cryptocurrencies or in normal cash.
Tether said he bought more than 33,100 million dollars in US Treasury lyrics in 2024, which makes it the seventh largest debt buyer of the US government.
As of December 31, it had more than 94,000 million dollars in United States Treasury letters and more than 108 million dollars in cash and bank deposits, according to a quarterly report on its reservations compiled by the BDO Italian accounting firm.
Of the United States Treasury lyrics, 99% are in the hands of the Wall Street Cantor Fitzgerald brokerage, said Ardoino. Howard Lutnick, former executive director of Cantor, is Trump’s Secretary of Commerce.
With Reuters information.
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