The Big Four Will Conduct First Full Audit of USDT Reserves

Tether has not disclosed the name of the company but emphasized that it was selected through a competitive process. The "Big Four" refers to the auditing firms Deloitte, EY, KPMG, and PwC.

Previously, Tether only published periodic attestations of reserves. This move comes amid prolonged criticism and questions regarding the completeness and liquidity of USDT backing. The audit will include a detailed examination of assets, liabilities, internal controls, and reporting systems. Tether stated that the audit is intended to raise the standards of information disclosure in the industry.

According to the latest audit as of December 31, 2025, Tether's assets exceeded its liabilities by $6.3 billion (3.4%). The basis of the $192.9 billion backing was composed of dollar assets, precious metals ($17.5 billion), and BTC ($8.4 billion).