Tether Commits to First Full Audit for $184B USDT
Tether announced on March 24, 2026, that it has engaged a Big Four accounting firm to conduct the first-ever full, independent audit of its $184 billion in reserves backing the USDT stablecoin. This move marks a significant shift from its previous practice of releasing periodic attestations, which offered less comprehensive financial verification. A full audit involves a detailed review of the company's assets, liabilities, internal controls, and reporting systems, aiming to provide a definitive statement on its financial health.
While Tether did not disclose which of the top firms—Deloitte, EY, KPMG, or PwC—is conducting the review, the company stated the selection followed a competitive process. The audit is intended to address persistent criticism and provide accountability to the millions who use USDT daily.
Trust is built when institutions are willing to open themselves fully to scrutiny.
— Paolo Ardoino, CEO, Tether.
Audit Follows $41M Fine and New Regulatory Mandates
The decision to pursue a full audit occurs against a backdrop of intense regulatory scrutiny and historical controversy. In 2021, the U.S. Commodity Futures Trading Commission (CFTC) fined Tether and its affiliate Bitfinex $41 million for making misleading statements about its reserves. For years, critics have questioned the liquidity and risk profile of Tether's holdings, which it states consist primarily of U.S. Treasury bills but also include gold, bitcoin, and corporate loans.
This voluntary step is now reinforced by legal obligations. The GENIUS Act, signed into law in July 2025, mandates that large stablecoin issuers undergo annual independent audits. This legislation effectively transformed Tether's long-stated goal of completing an audit into a legal requirement, increasing the stakes for the company to demonstrate full compliance and transparency.
February 2026 USAT Audit Sets Precedent for Broader Push
Tether has already demonstrated its ability to pass a rigorous audit on a smaller scale. In February 2026, Deloitte successfully audited the reserves for Tether's U.S.-specific stablecoin, USAT, confirming it was fully backed. Though USAT's market capitalization of $27 million is a fraction of USDT's, the company presented the outcome as proof of its organizational readiness for the much larger and more complex undertaking.
This push for legitimacy is part of a broader strategy that includes showcasing its financial strength, with reported net profits exceeding $10 billion in 2025, and active cooperation with global law enforcement. Tether reports it has frozen approximately $4.2 billion in USDT linked to illicit activities, positioning itself as a responsible financial institution ahead of what could be the largest inaugural audit in financial market history.
