Tether, the world’s top stablecoin issuer, announced Tuesday it will soon make good on a yearslong promise to audit its sprawling stablecoin reserves—but won’t yet disclose which firm will actually do the job.
But, ever since its founding in 2014, the company has refrained from undergoing an audit from a Big Four accounting firm to confirm the accuracy of its reserve claims. It has instead relied on attestations reviewed by an Italian accounting firm that has never directly examined Tether’s accounts and holdings.
Today, the company announced it has signed a deal with a Big Four accounting firm to “complete its first full independent financial statement audit.” But Tether did not state which firm, and a Tether representative did not immediately reply to Decrypt’s request for comment on the matter.
The Big Four accounting firms—Deloitte, PriceWaterhouseCoopers, Ernst & Young, and KPMG—are the world’s largest auditors, and are widely regarded as providing a certain standard of rigor and transparency when engaged by major corporations.
