Tether’s CEO indicated that none of the Big Four firms want to audit the stablecoin giants since they have much larger clients, with over 100,000 customers.
There have been numerous inquiries concerning Tether’s treasury reserves despite its USDT stablecoin acquiring a substantial portion of the market.
Tether has flooded the market with an additional $2 billion worth of USDT coins in the past week alone.
In response to the increasing demand for an audit of Tether’s reserves, CEO Paolo Ardoino has expressed receptiveness to an audit by one of the Big Four firms.
Tether Audit by Big Four Is “Top Priority”
The leading accounting firms, including Deloitte, PwC, EY, and KPMG, are hesitant to collaborate with Tether, according to Tether CEO Paolo Ardoino, out of concern for potential reputational harm.
Ardoino stated, “None of the Big Four firms are willing to audit us.” However, he emphasized that securing one of them as Tether’s auditor is a high priority for the company.
With over $109.5 billion market capitalization, Tether’s USDT ranks the third-largest cryptocurrency worldwide.
Consequently, an audit of the entire USDT reserve would increase investor confidence in the stablecoin issuer.
This is particularly true in light of recent reports indicating that Tether is the stablecoin most frequently employed in illicit activities.
Tether has become an indispensable element within the cryptocurrency ecosystem, enabling smooth and uninterrupted conversions from fiat currencies to digital assets.
As the stablecoin of Tether, USDT trades in key cryptocurrency exchanges against most trading pairs, including those involving Bitcoin, Ethereum, and Solana.
The adequate backing of Tether’s USDT by reserves is of the utmost importance, considering its extensive utilization.
However, obtaining clients from top-tier accounting firms presents obstacles, such as complex regulatory constraints in the cryptocurrency sector, the FTX incident, and security breaches, which all contribute to the difficulty of the endeavor.
US Congress Opposes Cryptocurrency
Ardoino raised concerns regarding the justification of a Big Four auditing firm placing its vast clientele in the banking industry at risk to audit a handful of stablecoins.
He further stated that auditing stablecoin companies such as Tether would not be as lucrative for the Big Four as for traditional banking titans.
However, he conveyed his eagerness to transition from the quarterly attestations that the BDO Italia firm compiled.
“We are trying to make the case,” he said. “We’re trying to build relationships to get the audit from a Big Four firm.”
Advocated for the opposition of the cryptocurrency sector, Senator Elizabeth Warren, a distinguished Democrat from Massachusetts, denounced what she termed “sham audits” performed on cryptocurrency companies.
“You can see how certain parts of the US Congress is against crypto,” said the Tether CEO in an interview with DLNews.
