I'm sure you're all familiar with Tether "audits" by BDO Italia, but not many people may be aware that it's actually only an Attestation, not a full audit.

What's the difference ?

Attestation reports provide a snapshot, but lack the detail, independence, and rigor of financial audits conducted under Generally Accepted Auditing Standards (GAAS). Attestation process relies heavily on data reported by Tether’s own management, with only limited external confirmation.

As of March 2025, Tether CEO Paolo Ardoino confirmed the company is actively in discussions with a Big Four firm to perform its first full audit, a process described as a “top priority,” though no firm has been officially engaged nor are audit dates confirmed.

On their site (https://tether.to/en/transparency/?tab=reports) You can read:

As part of our continued commitment to transparency, we have published Reserves reports quarterly.4 In addition, Independent Auditors’ Reports on the Reserves reports are prepared by BDO Italia, an independent third-party accounting firm as of the end of our quarters.5 Our reports demonstrate that our Reserves are greater than the redemption value of Tether Tokens in circulation on the dates reported.

With a small print on the bottom of the page (because they had to):

The information presented is subject to the limitations, qualifications and assumptions expressed in the accompanying reports and subject to Tether’s Terms of Service, including Section 12 (No Representations & Warranties by Tether) and Section 13 (Site Content). This information is provided as part of Tether’s continuing commitment to transparency and should not be relied upon in a decision to utilise its services or to hold or transact in Tether Tokens.

So, in short: you use it at your own risk. We've never had an audit, but we really would like one, which is why we're trying as hard as we can not to get one.