After years of “harsh” treatment Tether finally convinces ‘Big Four’ firm to audit USDT

Tether announced on March 24th that it has formally engaged a 'Big Four' accounting firm to perform its first full independent financial statement audit, a move that comes after years of public demand and reputational cost. CEO Paolo Ardoino previously cited the challenging political and regulatory climate in the US, including pressure from legislators, as reasons why securing a Big Four audit was difficult despite Tether's continuous efforts. This development follows historical issues, such as fines from the CFTC and the NYAG over misleading reserve statements, which Tether's quarterly attestations failed to fully resolve. The urgency for this audit is driven by the broader financial market's shift towards continuous operation, with major institutions like DTCC, NYSE, and Nasdaq building tokenized venues that require stablecoins to function as credible, settlement-grade cash rails for 24/7 trading, instant settlement, and real-time collateral movement. Tether's audit is positioned as a necessary qualification step to remain relevant in this evolving infrastructure, contrasting with competitors like Circle's USDC, which has benefited from clearer institutional legibility. If Tether fails to deliver a clean audit promptly, it risks being excluded from these regulated settlement workflows, maintaining its grip only on crypto-native liquidity.

(Source：CryptoSlate)