Tether is a $184 billion trust exercise and the trust has never been verified

Tether, a $184 billion stablecoin, has never been fully verified despite repeated promises of audits since 2014. Regulators found USDT was only 27.6% fully backed between 2016-2019, with reserves secretly loaned to Bitfinex. In 2026, Tether announced its first audit by a Big Four firm but refused to name the firm.