Original | Odaily Planet Daily (@OdailyChina)

Author | Qin Xiaofeng (@QinXiaofeng888)

On March 24, the world's largest stablecoin issuer Tether announced that it has officially commissioned one of the Big Four accounting firms to conduct a comprehensive independent financial statement audit for the first time since the company's establishment. In the announcement, Tether described this self-verification as "the largest first audit in the history of financial markets."

Previously, Tether had faced significant doubts regarding the transparency of its reserves, while its competitor Circle (the issuer of USDC) had already undergone annual audits by Deloitte early on, putting Tether constantly at the forefront of public scrutiny. Now, with Tether finally signing with the Big Four, this long-standing transparency competition seems to have reached a genuine conclusion—yesterday, Circle's stock price plummeted by 20% at one point.

As the market capitalization of USDT exceeds $184 billion and undergoes the strictest financial scrutiny, its impact is bound to extend beyond the cryptocurrency circle, touching on deeper operational logic within the global financial system. This is not only related to the reputation of Tether as a single entity but marks an important turning point for the entire stablecoin industry as it moves from partial compliance to comprehensive auditing.

1. Tether's Redemption: From Trust Deficit to Sunshine Transparency

Looking back at Tether's growth trajectory, 2021 can be considered a true watershed year. That year, Tether faced two significant regulatory penalties, totaling nearly $60 million in fines. These lessons became the starting point for its subsequent systematic compliance construction.

In February 2021, an investigation by the New York Attorney General's Office (NYAG) unveiled Tether's greatest original sin: for a period, the company did not have sufficient reserves to support all the circulating USDT, and even misappropriated $900 million in reserves to cover losses at the affiliated exchange Bitfinex. Ultimately, Tether paid a $18.5 million fine to settle and committed to submitting quarterly reports to disclose its reserve asset composition.

In October of the same year, the Commodity Futures Trading Commission (CFTC) acted again, accusing Tether of misleading investors between 2016 and 2019—specifically, the claim that "every USDT is backed by 1 dollar" was found to be inaccurate. As a result, Tether paid another $41 million in fines.

These two penalties, though costly, pushed Tether to begin establishing a compliance framework. However, even so, doubts about its reserves never dissipated, with tags like "paper tiger" and "ticking time bomb" still closely following.

Under regulatory pressure, Tether began to release quarterly attestation reports, attempting to regain trust. However, these reports issued by institutions like Moore Cayman in the Cayman Islands were essentially just snapshots of reserves and fell far short of a true comprehensive audit, leaving its credibility limited.

This semi-transparent state put Tether in an awkward position: on one hand, it was indeed disclosing the reserve composition, proving assets exceeded liabilities; on the other hand, the market remained doubtful about the depth and reliability of such reports.

Tether's commissioning of the Big Four for a comprehensive audit signifies much more than a typical financial verification. This audit needs to cover an extremely complex combination of digital assets, traditional reserves, and tokenized liabilities, a scale that is extremely rare globally, apart from a few sovereign entities.

For Tether, long plagued by doubts, this is akin to a genuine coming-of-age ceremony. With the endorsement of the Big Four, the legitimacy of USDT as a digital dollar is no longer just talk. For institutional players on Wall Street, large pension funds, and sovereign funds waiting to enter, seeing the Big Four’s audit report will bolster their confidence in incorporating USDT into their asset allocations. This will not only bring more capital inflow to Tether but also promote further maturity in the entire digital asset market.

As Tether CEO Paolo Ardoino stated: "Building trust comes from institutions' willingness to undergo comprehensive scrutiny. This audit is part of our years of effort to strengthen the system, aiming for Tether to meet the highest standards in the global financial realm."

2. Industry Restructuring Accelerates, Tether Consolidates Its "Digital Central Bank" Position

In the past, Circle maintained a moral high ground in the stablecoin market with its image of "compliance and transparency." It emphasized compliance with U.S. regulations and highlighted the advantages of Deloitte audits, often putting Tether in a reactive defensive position in the competition.

However, with Tether signing with the Big Four, it essentially launched a direct offensive in the area where its competitor excels, directly shaking the core moat of USDC, which has stood for many years. Once the audit is completed, USDT will no longer have a transparency shortcoming, and may, thanks to its enormous scale advantage, further increase the gap with its rivals.

Data shows that the market cap of USDT has surpassed $184 billion, with over 550 million global users. This scale advantage, after undergoing the Big Four's audit, is likely to transform into a stronger compliance advantage, fostering a stronger and stronger scenario. In contrast, USDC's market cap is around $78.7 billion; although it started early on compliance, it has been far outpaced in size.

Perhaps influenced by Tether's acceptance of the Big Four audit, on the evening of March 24, Circle’s stock price fell from $126, dipping below $100 at one point, currently reported at $101, with a maximum drop of 20% within 24 hours.

Tether's ambitions clearly do not stop at the cryptocurrency domain. In fact, Tether is already one of the major holders of U.S. Treasury bonds, ranked in the top 20, with its influence extending to the sovereign debt market, making its role in the traditional financial system increasingly important.

From a geopolitical perspective, for emerging market countries experiencing hyperinflation or financial blockades, such as Turkey, Argentina, and Nigeria—a USDT that has undergone a Big Four audit may even be more trustworthy than local banking systems, becoming a de facto tool for digital dollarization.

This expansion of influence has allowed Tether to evolve from a mere digital currency issuer to a critical infrastructure in the global financial system. As the company states, Tether is setting a benchmark "for a responsible large-scale digital asset infrastructure."

Tether’s Multidimensional Compliance Layout

To prepare for the Big Four audit, Tether made key personnel adjustments at the beginning of 2025, appointing Simon McWilliams as chief financial officer (CFO). His addition helped Tether establish an internal financial structure aligned with top auditing standards, ensuring the company has the institutional foundation required for comprehensive auditing.

McWilliams commented on the audit, stating: "We selected this Big Four accounting firm through a competitive process, as the company is already operating according to Big Four audit standards, and the audit work will be completed smoothly." This statement reveals Tether's confidence in passing the audit and indicates that internal preparations are already in place.

The most strategically significant step in Tether's compliance layout has been the launch of the compliant stablecoin USAT aimed at the U.S. market, achieving comprehensive alignment with U.S. regulatory frameworks.

In September 2025, Tether officially launched USAT, its first fully U.S.-regulated stablecoin backed by dollars. The design intention of USAT was to meet the strict requirements of the GENIUS Act. This act was signed into law by the U.S. President in 2025, establishing a federal regulatory framework for stablecoin issuance.

The GENIUS Act established strict standards for stablecoin issuers: 100% reserve backing, annual independent audits, anti-money laundering compliance, and layered regulatory requirements. From its inception, USAT was built to meet these requirements— appointing Bo Hines, who previously served as executive director of the White House Cryptocurrency Committee, as CEO, issued by Anchorage Digital, the first federally-chartered cryptocurrency bank in the U.S., with Wall Street giant Cantor Fitzgerald serving as reserve custodian.

It is noteworthy that just one month after its launch, USAT successfully passed an audit by Deloitte. Currently, USAT's market cap is around $27 million, which, while far lower than USDT's $184 billion, represents the highest standard Tether can achieve in terms of compliance.

This dual-track arrangement reflects Tether's strategic deployment: USDT continues to serve the global market, particularly emerging markets and regions with relatively loose regulations; while USAT serves as a compliant digital dollar aimed at U.S. institutions and regulated entities. This way, Tether can flexibly respond in different regulatory environments, maintaining global influence while meeting the strict demands of the U.S. market.

In addition to financial compliance, Tether has also completed a role transformation in law enforcement cooperation. According to Tether, it has assisted law enforcement agencies in 62 countries and regions worldwide in handling over 1,800 cases, freezing USDT worth $3.4 billion related to illegal activities. According to a report from blockchain analysis company Elliptic, by the end of 2025, Tether and Circle collectively banned about 5,700 wallets, involving assets of about $2.5 billion, three-quarters of which were USDT.

Tether CEO Paolo Ardoino stated: "Law enforcement agencies contact us, provide relevant information, and we verify the information and take action based on relevant national laws. We follow this process when collaborating with the Department of Justice, FBI, and other agencies."

This law enforcement cooperation has not only improved Tether's regulatory image but also provided strong support for its compliant operations globally. Transitioning from a passive "regulatory target" to an active "law enforcement partner," Tether has successfully repositioned itself as a responsible participant in the global financial system.

Conclusion: The Era of Comprehensive Audits for Stablecoins Has Just Begun

Tether's signing with the Big Four is not just a self-redemption but a true beginning for industry reshuffling.

With the deep involvement of the Big Four accounting firms, the transparency and institutionalization of stablecoins are aligning more closely with traditional finance. When comprehensive audits become the industry standard, competition in the stablecoin market will no longer be limited to who is more transparent, but will shift to who can provide more value within a compliance framework.

For Tether, this long-awaited coming-of-age ceremony is both an endpoint and a starting point. It marks the completion of Tether's journey from controversy to recognition and opens a new chapter for it as a global digital financial infrastructure. For the entire digital asset industry, a more mature, transparent, and institutionalized era has already begun.

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