Tethers CEO Pushes for Big Four Audit to Boost Transparency
Since stepping into the CEO role in December 2023, Paolo Ardoino has prioritized securing a full audit from a leading global accounting firm. While he confirmed that Tether is in discussions with one of the Big Four firmsDeloitte, EY, PwC, or KPMGhe did not specify which one.
This renewed focus on auditing follows the appointment of Simon McWilliams as Tethers new Chief Financial Officer. With McWilliams on board, the company aims to strengthen its financial credibility and increase institutional engagement. Ardoino has expressed confidence that this audit will reinforce Tethers position within the U.S. financial system.
The stablecoin issuer has faced regulatory challenges, particularly in Europe. In 2023, exchanges serving the EU removed USDT from their platforms due to the companys lack of proper licensing under the MiCA regulatory framework.
Managing Tethers substantial financial reserves is Cantor Fitzgerald, a firm previously led by Howard Lutnick, who now serves as the U.S. Commerce Secretary. Ardoino suggested that shifting political attitudes toward cryptocurrencyespecially former President Donald Trumps supportive stancecould encourage top auditing firms to take Tethers financial review more seriously. Speaking to Reuters, he noted that if the U.S. government signals that crypto is a priority, major accounting firms will be more inclined to participate in the process.
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Text source: Coindoo
