The CEO of Tether, the world's largest stablecoin issuer, reportedly called a full audit by a "Big Four" accounting firm a "top priority" for the company.
Paolo Ardoino, who became Tether's CEO in December, 2023, told Reuters that the company is engaging with one of the four leading professional servicces firms — Deloitte, EY (Ernst & Young), PwC (PricewaterhouseCoopers), and KPMG — in order to conduct a full audit of the company's finances, which he called a "top priority."
Tether did not disclose which of the four firms it is currently engaging with, and did not immediately respond to a request for comment from The Block.
The report comes shortly after Tether appointed Simon McWilliams as its new CFO, setting its sights on a full financial audit of the company.
"With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting U.S. financial strength and expanding institutional engagement," Ardoino said at the time.
Tether's USDT stablecoin was widely delisted by exchanges serving the European Union last year following the passage of the MiCA regulation, since Tether did not obtain the appropriate licensing for its token.
Tether's significant treasury holdings are predominantly managed by Cantor Fitzgerald, formerly led by current U.S. Commerce Secretary Howard Lutnick. Ardoino cited President Trump's favorable view of crypto as motivation for conducting the audit, telling Reuters, "If the President of the United States says this is top priority for the U.S., Big Four auditing firms will have to listen, so we are very happy with that."
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