Why Tether’s CEO Thinks an Audit Will Save the Day (and His Reputation)

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Ah, since the illustrious Paolo Ardoino donned the mantle of CEO in the fine month of December 2023, his grand ambition has been none other than to secure a thorough audit from one of those daunting global accounting titans. Like a true nobleman, he has been gallantly parading discussions with one of the “Big Four” — be it Deloitte, EY, PwC, or KPMG — yet, lo and behold, he refrains from revealing which cohort shall take on this noble quest.

This newfound vigor for audits closely follows the majestic appointment of Simon McWilliams as Tether’s Chief Financial Officer. With the valorous McWilliams on board, the endeavor to dazzle the financial world and win the hearts of institutional doubters is afoot! Ardoino exclaims with unbridled confidence that this audit might just elevate Tether’s stature within the U.S. financial kingdom.

Alas, our gallant stablecoin issuer has been valiantly battling regulatory monstrosities, particularly in the esteemed land of Europe. In the year of our Lord 2023, exchanges catering to the EU hastily removed USDT from their bounteous platforms, crying foul due to the company’s scant licensing under the formidable MiCA regulatory framework.

Controlling Tether’s vast financial coffers is none other than Cantor Fitzgerald, a venerable establishment previously under the rule of Howard Lutnick, who now holds court as the U.S. Commerce Secretary. In a twist worthy of a Shakespearean play, Ardoino muses that shifting political winds toward cryptocurrency—especially under the ever-enthusiastic gaze of former President Donald Trump—might just charm the top auditing firms into embracing Tether’s fiscal examination with open arms. Speaking to Reuters, he observed sagely that if the U.S. government deigns to proclaim crypto as its cherished darling, then the major accounting firms may very well leap at the opportunity to join this financial frolic.

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2025-03-22 20:57