Key Takeaways
- Tether is in talks with a Huge 4 accounting agency for a reserve audit.
- CEO Paolo Ardoino says the audit is extra possible beneath President Trump.
- Tether holds $94 billion in U.S. Treasury payments, principally with Cantor Fitzgerald.
Tether, the issuer of the world’s largest stablecoin, is in discussions with a Huge 4 accounting agency because it pursues a full audit of its reserves, in accordance with CEO Paolo Ardoino.
Audit as a prime precedence
In a March 21 interview, Ardoino confirmed that the audit has change into the corporate’s “prime precedence” and mentioned the political local weather beneath U.S. President Donald Trump has made such efforts extra reasonable.
Ardoino added:
Now we live in a panorama the place it’s really possible.
Potential companies and timeline
He didn’t identify the agency however famous it might be one of many Huge 4 — PwC, EY, Deloitte, or KPMG — and declined to supply a timeline.
Tether’s monetary backing
Tether has issued over $140 billion in its dollar-pegged token, which it says is backed one-to-one with dollar-denominated reserves.
Whereas the corporate at the moment releases quarterly attestations, it has by no means performed a full audit, drawing scrutiny from regulators and buyers.
Impression of Trump’s government order
Ardoino cited Trump’s current government order on digital belongings and his self-branding as a “crypto president” as key to advancing the audit.
He mentioned:
If the President of america says that is prime precedence for the U.S., Huge 4 auditing companies must hear.
Management adjustments
Earlier in March, Tether appointed Simon McWilliams as CFO to guide the audit course of.
Present holdings
As of December 31, Tether held $94 billion in U.S. Treasury payments and $108 million in money.
Almost 99% of these Treasury holdings are managed by Cantor Fitzgerald, whose former CEO, Howard Lutnick, now serves as Trump’s commerce secretary.