Tether, the issuer of the stablecoin USDT, is reportedly pursuing a Big Four accounting firm for a comprehensive audit of its asset reserves to confirm that each USDT is backed at a 1:1 ratio by reserves tied to traditional currencies and other assets. CEO Paolo Ardoino emphasized that conducting a full audit is a top priority for the company, especially in light of criticisms over its lack of third-party audits. Ardoino noted that the audit process might be facilitated under a pro-crypto US administration. Currently, Tether provides quarterly reports but lacks a full independent annual audit, leading to growing industry concern regarding its transparency, particularly after past regulatory actions, including a $41 million penalty by the CFTC for misrepresentations about its reserves. Additionally, Tether recently expressed disappointment over European regulations affecting its operations.

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