Tether Eyes Audit Amid Trump’s Crypto Push - But Is It Too Late?
- Tether seeks a Big Four audit amid Trump’s pro-crypto stance, aiming to boost transparency after years of scrutiny.
- Political shift aids Tether’s push, with Trump’s policies pressuring auditors to engage, per CEO Paolo Ardoino.
- Skepticism remains as Tether’s reserves are tied to Cantor Fitzgerald, whose ex-CEO now serves as Trump’s commerce secretary.
For years, Tether has danced around the idea of a full audit, keeping investors hooked with quarterly reports but never opening the books completely.
Now, CEO Paolo Ardoino says the company is "engaging with a Big Four accounting firm". Honestly, a move that suddenly seems convenient under Donald Trump’s crypto-friendly policies.
Transparency has long been demanded by the crypto business, but big auditors have avoided it out of concern for the potential harm to their reputation.
Tether's reserves have been under constant scrutiny after it issued more than $140 billion in dollar-pegged stablecoins. The tide may be turning now that Trump has declared his intention to be a "crypto president" and advocated for a strategic bitcoin reserve in the United States.
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"If the President of the United States says this is a top priority, Big Four firms will have to listen," Ardoino remarked.
The timing is no coincidence as Tether recently appointed Simon McWilliams as CFO, likely to shepherd this long-overdue audit.
Skepticism persists, though. 99% of Tether's $94 billion in U.S. Treasury securities are under the management of Cantor Fitzgerald, whose former CEO is currently serving as Trump's commerce secretary.
With politics, power, and crypto colliding, this audit could be Tether’s defining moment - or another mirage.
Edited by Harshajit Sarmah
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