Tether, the powerhouse behind the world’s largest stablecoin, is doubling down on transparency. In a March 21, 2025, Reuters interview, CEO Paolo Ardoino declared a full audit by a “Big Four” accounting firm—Deloitte, EY, PwC, or KPMG—as the company’s top priority. This push follows the appointment of Simon McWilliams as Tether’s new chief financial officer on March 3, a move signaling a strategic shift toward credibility amid growing scrutiny.
Ardoino’s announcement comes as Tether’s USDT, with a market cap exceeding $142 billion, dominates the stablecoin market. The token, pegged 1:1 to the U.S. dollar, facilitates billions in daily crypto trades. Yet, its reserves—claimed to back every USDT—have long faced skepticism due to the absence of a comprehensive audit. “It’s our top priority,” Ardoino told Reuters. “Now we’re in a landscape where it’s feasible.” He credits a crypto-friendly U.S. administration under President Donald Trump, who signed an executive order on March 6, 2025, to establish a national cryptocurrency reserve, for paving the way.
Tether’s financial clout is undeniable. In 2024, it snapped up $33.1 billion in U.S. Treasury bills, ranking it the seventh-largest buyer of U.S. debt, per its latest BDO Italia quarterly report. As of December 31, 2024, the firm held $94 billion in Treasuries and $108 million in cash and deposits—99% custodied by Cantor Fitzgerald, whose former CEO Howard Lutnick now serves as Trump’s commerce secretary. This coziness with U.S. financial structures hasn’t silenced critics. A 2021 New York Attorney General probe found Tether misrepresented its reserves, banning it from the state. Since then, quarterly attestations from BDO have reported surpluses—like $7.1 billion over liabilities in Q4 2024—but fall short of the rigorous standards a Big Four audit promises.
McWilliams, a 20-year finance veteran from firms like LetterOne and Quantmetrics, steps into this high-stakes role to spearhead the audit. His predecessor, Giancarlo Devasini, transitions to chairman, focusing on macro strategy after building Tether into a $13.7 billion profit machine in 2024. “Simon’s expertise makes him the perfect CFO to lead us into transparency,” Ardoino said in a March 3 press release. The timing aligns with regulatory shifts. The EU’s MiCA rules forced USDT delistings in 2024 for lacking proper licensing, while U.S. stablecoin legislation looms, potentially mandating audits under the GENIUS Act.
Historically, Tether’s audit ambitions hit roadblocks. In 2018, it parted ways with Friedman LLP amid delays, and Ardoino admitted in 2024 to DL News that Big Four firms hesitated, fearing reputational risks in crypto’s volatile world. Trump’s pro-crypto stance—highlighted by a March 7 White House Crypto Summit—may change that. “If the President says this is a U.S. priority, they’ll have to listen,” Ardoino noted. Still, he didn’t name the firm in talks or set a timeline, leaving room for doubt.
The stakes are sky-high. Tether’s 300 million users, from Venezuelan traders dodging 2 million percent inflation to Southeast Asian launderers flagged in a 2024 UN report, rely on its stability. ChainArgos data shows Tether blacklisted 2,713 wallets holding $153 billion from 2018 to 2024, freezing just $1.4 billion—hinting at enforcement limits. A full audit could either cement trust or expose cracks. Blockchain’s transparency helps, but as Ardoino told Fox Business in 2024, “We’re trying to build relationships to get this done.”
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