Stablecoin issuer Tether has signed an agreement with an unnamed Big Four accounting firm to perform its first full independent financial statement audit.The move follows the 2025 passage of the GENIUS Act, which mandates rigorous annual audits for stablecoin issuers with high transaction volumes.Tether’s reserves, currently valued at approximately $184 billion, have historically been verified only through point-in-time attestations.
Tether, the operator of the world’s largest stablecoin by market capitalization, has officially engaged a Big Four accounting firm to conduct a comprehensive audit of its reserves. The announcement, made on March 24, 2026, represents a landmark shift for a company that has faced a decade of scrutiny regarding the transparency and composition of the assets backing its USDT token.
While Tether has not yet disclosed which of the four major firms—Deloitte, PwC, EY, or KPMG—is conducting the review, the company characterized the engagement as the largest inaugural audit in the history of financial markets. Unlike the quarterly attestations previously provided by BDO Italia, which only confirm balances at a specific moment, this full financial statement audit will involve a deep evaluation of internal controls, risk management systems, and ongoing liquidity.
The timing of the audit appears closely linked to the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), which was signed into law in July 2025. The legislation requires any stablecoin issuer with over $50 billion in volume to undergo annual audits to remain compliant within the U.S. regulatory perimeter. Tether’s CFO Simon McWilliams, who joined the firm in 2025 to spearhead this transition, stated that the auditor was selected through a competitive tender process.
“For the hundreds of millions of people and businesses who rely on USDT every day, this audit is not just a compliance exercise; it is about accountability, resilience, and confidence,” said Tether CEO Paolo Ardoino in a statement. “This represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance.”
Market analysts suggest the move is intended to narrow the credibility gap between Tether and its main competitor, Circle, which has long utilized Big Four audits for its USDC stablecoin. Tether recently laid the groundwork for this shift through its U.S.-specific stablecoin, USAT, which launched earlier this year under a structure audited by Deloitte and custodied by Anchorage Digital Bank.
As of March 2026, Tether claims its USDT reserves stand at approximately $192 billion, with over 80% held in U.S. Treasury bills. The audit will also cover the company’s more volatile holdings, including approximately 148 tonnes of physical gold and its significant Bitcoin positions, which have previously drawn criticism from credit rating agencies.
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