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USDT, the largest used and traded stablecoins, has faced several allegations over its reserve and audit of the reserve. Still, in recent developments, Reuters reported that Tether is in talks with four known audit firms to audit the reserve.
Tether is now based in El Salvador, and over the years, due to a lack of auditing, it has faced severe criticism. Yet, it decided to conduct independent auditing under the presidency of Donald Trump.
While talking to Reuters, the Chief Executive Officer of Tether, Paolo Ardoino, said that Tether is talking to auditing firms like KPMG, Deloitte, PwC, and EY.
Will Tether overturn the claims of reserve insufficiency after the audit?
With the highest circulation and usage, USDT has also faced allegations of insufficiency of reserve against the stablecoins it issued. Yet, the company clarified several times that it holds the assets in the wallets reserved in the exchange of the issue USDT.
Tether’s primary product is USDT, and it is one of the highest circulated crypto in the market, with 3rd most significant in terms of market capitalization, according to data on CoinMarketCap.
The circulation of USDT is not limited to a single blockchain but is also available on Solana, Ethereum, Tron, and a few others, with recently coming on Bitcoin Network.
It is worth noting that before shifting to El Salvador, Tether’s operation was based in New York. Soon after, the state attorney’s investigation report found that Tether had made bogus statements regarding its backing of the USDT.
The finalization of the discussion with four auditing giants and the publication of the final audit report might help USDT reach a new usage milestone. Still, in case of financial insufficiency, it is expected to face massive criticism.
However, Tether did not stop after the allegations and charges by some regulators in the United States and has continued to mint USDT following the growing usage of stablecoins for swapping and entering and exiting trades.
Since the beginning of 2025, Tether has minted USDT worth billions. Also, its closest competitor has mined tokens on different chains with surging usage.
Stablecoin market to surpass Altcoins soon
Until publishing, the collective market cap of all stablecoins was $234 billion, and USDT alone contributed over 60%, followed by USDC, Ethena, Dai, First Digital USD, and Usual USD.
According to the USDT dominance chart, it dominates 5.28% of the broader crypto market and roughly 62% in the stablecoins category; its wider dominance grew 16% in the past 30 days and is up by 23% in the year-to-date time frame.
Over time, the usage of stablecoins has reached a new height, and its advanced features have attracted traders and investors to swapping, trading, cross-border, and other types of digital financial activities.
Experts see the stablecoin category as a potential category and expect that it will reach $500 billion by the end of this year and $1 trillion very soon.
