Tether news

Tether has launched a self-custodial wallet that supports its stablecoins USDT and XAUT, as well as Bitcoin, aiming to simplify cryptocurrency transactions for users. The wallet allows fee payments directly in the asset being transferred and uses human-readable usernames to replace long wallet addresses. The company emphasizes that the app is fully self-custodial, with private keys and recovery phrases controlled solely by the user, though it includes a cloud backup option for keys. This move represents Tether's push into direct consumer wallet distribution, building on its earlier Wallet Development Kit.

A pro-crypto super PAC has appointed Tether US executive Jesse Spiro as its chairman to support candidates in the U.S. midterm elections, amid stalled legislative efforts for stablecoin regulation. The Clarity Act faces dim prospects due to debates over rewards for holding stablecoins, with opposition from banking advocates and key players like Coinbase declining support.

Tether executive Jesse Spiro has been appointed chairman of the Fellowship PAC, a political action committee that pledged $100 million to support pro-crypto candidates ahead of the US midterm elections. This marks the first public link between the PAC and Tether, after months of speculation and the company's previous denial of affiliation. The PAC, which has been largely silent since its September launch, has not yet disbursed any of its pledged funds. The move signals the crypto industry's growing political consolidation as the elections approach, potentially shaping US digital asset regulation.

Tether hired two top HSBC gold traders in early 2026 to build a gold trading desk, aiming to allocate up to 15% of its $20 billion portfolio to physical gold. Weeks later, the company dismissed both traders as it prepared for its first full financial statement audit by a Big Four firm, signaling a shift from expansion to audit readiness. The move coincides with Tether pausing a $20 billion fundraising effort and restructuring leadership, part of a broader strategy to simplify its operations and address credibility concerns amid regulatory pressure and competition from Circle's more transparent USDC stablecoin. If the audit proceeds smoothly, Tether could enhance its institutional credibility and resume fundraising, but delays could intensify scrutiny over its reserves, which include significant holdings in Bitcoin and gold, as the company navigates a regulatory landscape demanding greater transparency.

Tether's USAT stablecoin has expanded to the Celo blockchain, marking its first deployment beyond the Ethereum mainnet. The launch includes infrastructure support from Google Cloud and plans for USAT to serve as a gas currency on the layer-2 network. Celo's mobile reach through Opera MiniPay, with 14 million wallet users, enhances accessibility. A privacy-preserving faucet system allows verified users to access USAT tokens via proof-of-humanity verification.

Tether has fired two senior precious metals traders it recruited from HSBC just months ago, marking a sudden reversal for the stablecoin issuer. The traders were hired as part of CEO Paolo Ardoino's plan to compete directly with major banks in bullion trading. The rapid turnaround raises questions about how smoothly a crypto-native company can integrate traditional commodities talent. Tether has not publicly explained the reason for the departures, but continues to hold substantial gold reserves and issue Tether Gold (XAUT).

Tether has hired Big Four accounting firm KPMG to conduct a comprehensive audit of its $184 billion USDT stablecoin, marking its first such engagement with a major auditor. The company also brought in PwC to prepare its internal systems for the audit process. This move comes as Tether plans to register USDT under the GENIUS Act, which requires stringent anti-money laundering measures and reserve audits, amid its push to expand into the U.S. market.

Tether has hired KPMG to conduct its first full audit of USDT's financial statements, according to a Financial Times report. The move follows years of pledges to deliver a comprehensive review, with the company previously relying on periodic reserve attestations from BDO Italia. USDT is the largest stablecoin by market capitalization, with about $185 billion in circulation. Tether has stated it holds over $122 billion in direct US Treasury securities and about $141 billion in total Treasury exposure. The audit is expected to cover Tether's assets, liabilities, and internal controls across its balance sheet. Tether has not publicly committed to a completion date for the audit.

Tether has engaged KPMG to conduct its first full financial statement audit, bringing Big Four scrutiny to the $184 billion USDT issuer. The company also hired PwC to prepare internal systems for the audit. This move follows years of Tether relying on point-in-time attestations and comes as the company considers raising $5 billion, down from earlier targets, after reporting $10 billion in profit last year.

Crypto whales are accumulating Tether Gold (XAUT) tokens worth millions despite a 20% drop in spot gold prices from January's all-time high. Two wallets moved over $12.3 million in XAUT off exchanges, signaling accumulation intent. The activity coincides with Tether's expansion of XAUT to BNB Chain, aiming to bridge institutional gold ownership with crypto users. XAUT, representing physical gold in Swiss vaults, now operates across 12+ chains and holds a $2.5 billion market cap. While gold faces pressure from a strong US dollar and profit-taking, institutional forecasts remain bullish with targets up to $6,300 per ounce by year-end 2026, suggesting whales may be betting on a rebound.