Tether plays big. Long criticized for its opacity, the issuer of the stablecoin USDT finally announces a complete audit of its reserves by a Big Four firm, a first eagerly awaited by the market. Such a breakthrough could reshuffle the cards of trust around the largest stablecoin in the world. However, the company refuses to reveal the identity of the firm responsible for this mission, leaving doubt at the very moment when it claims to want to strengthen its transparency.
In brief
- Tether announces an unprecedented audit of its reserves, an expected first for the largest stablecoin on the market.
- Nearly $192 billion in assets affected, supposed to guarantee the stability of USDT.
- A Big Four firm is mandated, but whose identity remains deliberately hidden.
- This is a response to criticism of the lack of transparency, long leveled at Tether.
Tether finally launches a complete audit of its reserves
As the company supercharges a declining crypto market, Tether says it has hired a Big Four firm to audit its entire reserves, estimated at around $192 billionsupposed to guarantee the parity of USDT. The company, however, did not reveal the identity of the firm involved.
It indicates that this approach aims to provide an independent and exhaustive vision of its financial situation, marking a break with its previous practices.
- Tether announces an unprecedented complete audit of its reserves;
- The amount of assets concerned reaches approximately $192 billion;
- The Big Four firm involved remains undisclosed;
- The company abandons simple certificates in favor of an in-depth audit;
- The stated objective is to strengthen transparency and credibility.
Until now, Tether published certifications carried out by third parties, which validated certain elements at a given time without examining all the accounts. A comprehensive audit involves a much broader analysis of assets, liabilities and internal procedures. This development aims to respond to recurring criticisms of the transparency of USDT, while highlighting the composition of the reserves, largely made up of US Treasury bonds.
Regulatory pressures and controversial legacy
This initiative comes against a backdrop of growing regulatory pressure, particularly in the United States with the GENIUS Act, which imposes increased requirements on stablecoin issuers. The CEO of Tether has qualified the strategic priority audit, affirming that the company seeks to improve its transparency vis-à-vis the authorities and the markets.
Such a repositioning comes after several years of controversy. Tether has long been criticized for its failure to produce an independent audit, despite repeated promises. The company was also faced with accusations related to the presentation of its reservations, notably in a case settled with the New York authorities in 2021. Large auditing firms had until then shown reluctance to collaborate with Tether, due to the associated reputational risks.
In a market seeking transparency, altcoins could do well. Some projects are already banking on regular audits and clearer communication to attract investors and regulators.
If this audit is successful and validates the announced reserves, it could strengthen confidence in USDT and consolidate its dominance in the market. Conversely, the maintenance of secrecy around the selected firm and the absence of a precise timetable leave questions remaining. The outcome of this process could have a lasting influence on transparency requirements in the stablecoin ecosystem.
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