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The chief executive of the world’s largest stablecoin issuer is reportedly looking to receive an audit from one of the biggest accounting firms in the world. According to a new report by Reuters, Tether CEO Paolo Ardoino says the company is in talks with one of the Big Four accounting firms – KPMG, Deloitte, EY and PwC – to receive an audit of its reserves, though no specific group was named. Tether says it holds dollar-denominated reserves for each USDT token it creates and an audit would help improve the transparency of said reserves, which are currently subject to quarterly reports rather than full-on audits. Ardoino told Reuters that getting a full audit is a “top priority” for Tether, a task he says will be easier to achieve under President Donald Trump, who recently signed an executive order to establish a crypto strategic reserve. “It’s our top priority. Now we are living in a landscape where it’s actually feasible… If...

After nearly a decade of promising financial and security audits for users and critics to look over, Tether has once again failed to put its money where its mouth is, instead choosing to announce a complete change of its business model. The rebrand is in line with many of the statements the company has been making over the past several years, around plans to get into the bitcoin mining business, the data industry, and blockchain education. The news comes on the back of new reporting from the Wall Street Journal that Tether has been extremely useful for Russia in its bid to acquire weapons to defeat Ukraine and numerous damning statements from Janet Yellen regarding stablecoins. Since US regulators and politicians started to pay closer attention to stablecoins, Tether has taken to calling itself ‘the largest company in the digital asset industry’ instead of the ‘largest stablecoin,’ and is clearly trying to put a positive spin on the work that it does. Tet...