Tether hires Big Four auditor for reserves audit

Tether, the company behind the USDT stablecoin, has engaged a Big Four accounting firm to conduct its first comprehensive audit of the reserves backing its digital currency. This move aims to address years of scrutiny and long-standing questions regarding the adequacy and composition of USDT's reserves. The audit will involve a detailed examination of Tether's assets, liabilities, and internal controls, moving beyond previous attestations to provide a more thorough disclosure. The selection process was competitive, and while the specific firm was not named, Tether stated it operates at Big Four audit standards.