The dominant stablecoin operator, Tether, recently began planning a comprehensive audit of its holdings, which it has kept on hold for numerous years. Reuters announced on March 21, 2025, that Tether—the parent company of USDT stablecoins worth over $140 billion—had started working with one of the major four accounting firms to finalize the audit process. The current favorable complex between U.S. President Donald Trump and crypto has provided the perfect opportunity, which CEO Paolo Ardoino acknowledges.
každý USDT token issued by Tether holds one dollar of reserves, guaranteeing a stable $1 value according to the company’s pitch to shored-up investors. The straightforward nature of Tether operations has established this token as an essential crypto ecosystem component that helps trade between different cryptocurrencies or speed up withdrawals. The promise has existed since the beginning but it was always conditional on the lack of complete review. Tether publishes only quarterly reports, which has provoked criticism from skeptical observers. Ardoino has declared auditing Tether his key initiative because he believes such a review can finally happen.
Why Now? Trump’s Crypto Glow-Up
So what’s changed? Most of the change originates from shifting political conditions across the nation. During his presidential campaign, Trump announced his role as the “crypto president,” since taking office, he has been actively expanding his muscle power. Since assuming office, Trump signed an executive order to form a national crypto reserve while promising to rewrite digital asset rules. He clearly stated his vision for the United States to lead the crypto sector. For Ardoino, that’s a game-changer. Under Trump’s leadership, Tether labels Operation Chokepoint 2.0 as the name for the regulatory crackdown that caused both banking and auditing institutions to withdraw from the crypto space.
Ardoino told Reuters that presidential support for this matter forces the Big Four accounting firms to listen. The company executive states nothing about which major audit firm, PwC, EY, Deloitte, or KPMG, is negotiating with them and refuses to set a deadline for these talks. The company detects a market opportunity, so it plans to capitalize on that chance.
Beefing Up the Books
The company demonstrates more than verbal commitment to its statements. Tether’s commitment to auditing became stronger after hiring Simon McWilliams this month as its new Chief Financial Officer. McWilliams arrives at a company showcasing its financial strength through massive activities. For 2024, Tether purchased U.S. Treasury bills worth $33.1 billion, thus becoming the seventh biggest buyer of Government debt. The November quarterly report assembled by BDO Italia revealed that Tether held $94 billion worth of U.S. Treasury securities and additional funds amounting to $108 million in financial accounts. Cantor Fitzgerald holds 99% of the U.S. Treasury bills that Tether issued despite a total of 99.9% of their total assets. Cozy connections? Maybe. Smart business? Definitely.
Stablecoin Giant Under Scrutiny
The size of the Tether exceeds normal measurement capabilities. The $140 billion worth of USDT tokens are trading support for digital currency speculators who need to shift between risky digital assets and secure traditional money. The substantial size of Tether places enormous strain on the company. Critics have continuously targeted Tether’s reserves to determine if the company possesses genuine backing for every issued token. Quarterly reports serve as useful documents, yet audits provide the highest level of financial transparency. The company’s choice to stay hidden while reaching its massive size position could face complete failure with this decision.
Ardoino invests in Trump’s positive attitude towards crypto to change the operational landscape. A successful audit will benefit Tether and indicate to market actors that stablecoins operate under traditional financial rules. All stakeholders currently focus their attention on the discussions between the Big Four companies. Does Tether prepare to release its accounting records to the public? Stay tuned.
