Tether is reportedly in discussions with a major accounting firm from the Big Four to undergo independent audits of its operations and reserves. Company CEO Paolo Ardoino confirmed the talks, emphasizing the importance of transparency in the cryptocurrency market amid ongoing criticisms of Tether's lack of independent verification. The move follows Tether's significant financial growth, having reported over $13 billion in profits for 2024, which more than doubles its 2023 profits of $6.2 billion. This profitability positions Tether close to leading investment banks, raising eyebrows regarding its transparency and regulation compliance. Tether, which issues the USDT stablecoin, has faced scrutiny over its claims regarding the backing of its tokens, leading it to cease operations in New York following a state investigation that found misleading statements about its reserves. The company aims to collaborate with a Big Four firm—which include PwC, EY, Deloitte, and KPMG— to enhance its credibility and accountability in the crypto ecosystem.

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