Recent reports indicate that Tether's CEO, Paolo Ardoino, is currently engaged in discussions with one of the Big Four accounting firms regarding the possibility of conducting a third-party audit. This development comes amid growing anticipation within the crypto community for greater transparency from the stablecoin giant. However, skepticism persists among some members who point out the absence of concrete commitments from Tether.

Such an audit is expected to be a mandatory requirement under the anticipated stablecoin regulations in the United States, as well as a prerequisite for any future collaboration with the U.S. government. As the issuer of the world’s largest stablecoin, Tether appears to be moving towards deeper engagement with American regulatory bodies. In a recent statement, former President Trump mentioned stablecoins as a tool to enhance the global influence of the U.S. dollar, suggesting that Tether could play a significant role in achieving this goal.

To align itself with such ambitions, Tether must commit to undergoing a third-party audit. According to a new report by Reuters, Tether is in active negotiations with a Big Four accounting firm to facilitate this process. Although the specific firm involved in these discussions remains undisclosed, along with details on the progress made so far, this news follows considerable doubt expressed by many in the broader crypto community.

Despite issuing regular internal reports and appointing a new Chief Financial Officer, Tether has consistently refrained from submitting to a third-party audit since its inception. This track record has led to a degree of cynicism among certain segments of the community. Some observers speculate that Tether might attempt to secure a reserve-only audit, but industry experts believe the Big Four firms are likely to insist on a comprehensive financial review. Ardoino's remarks about Trump's \"top priority\" could imply strategic alignment between Tether and U.S. governmental interests.

The necessity for a third-party audit becomes even more crucial considering the proposed GENIUS Act, which mandates that stablecoin issuers undergo independent audits and maintain a significant portion of their reserves in assets such as Treasury bonds. Without such an audit verifying their Treasury-based reserve assets, stablecoin issuers may find themselves unable to operate effectively within the U.S. market.

During a recent announcement, Tether disclosed purchasing $33 billion worth of Treasury bonds last year. Nevertheless, Ardoino stated that approximately 99% of these bonds are held by Cantor Fitzgerald, a firm historically linked to Tether. The company’s former CEO, Howard Lutnick, resigned earlier this year to serve as the U.S. Secretary of Commerce, further complicating matters due to these political connections.

These developments have done little to alleviate concerns among Tether skeptics, who remain unconvinced about the likelihood of a thorough public audit. Leveraging its existing political affiliations and substantial Treasury bond holdings, Tether seems poised to strengthen its relationship with the U.S. government. Nonetheless, failure to comply with forthcoming regulatory requirements mandating an audit could jeopardize Tether’s operations within the United States.

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