Tether is in discussions with the Big Four accounting firms for reserve audits

ChainCatcher news, according to Reuters, the world's largest stablecoin issuer Tether is in talks with one of the Big Four accounting firms to advance its long-promised reserve audit.

Tether has issued over $140 billion worth of dollar-pegged cryptocurrency, and the company claims that each token is backed by dollar-denominated assets. Currently, it only releases quarterly reports and has not completed a full audit.

Tether CEO Paolo Ardoino did not disclose the specific firm or timeline for the audit, stating, "This (audit) is our top priority."

Earlier this month, Tether appointed Simon McWilliams as Chief Financial Officer to oversee the comprehensive financial audit.

At the same time, Tether is also continuously enhancing reserve transparency, purchasing over $33.1 billion in U.S. Treasury bonds in 2024, becoming the seventh-largest buyer of U.S. Treasury bonds.