Tether Completes First Full Audit with KPMG, Revealing Strong Reserves
- KPMG issued an unqualified opinion on Tether International’s financial statements for the first time, confirming reserves exceed liabilities by $6.814 billion as of December 31.
- The audit involved a full balance sheet review and verification of transactions, with KPMG physically counting every gold bar in Tether’s reserves.
- Tether reported approximately $184.6 billion in USDT outstanding at the end of Q2, holding over 60% of the total stablecoin market share.
- The audit comes after past scrutiny from regulators, including a $41 million fine from the CFTC for insufficient fiat reserves backing USDT.
- Tether’s CEO stated that this audit marks a significant evolution in its financial governance and infrastructure.
The completion of this audit is crucial as it addresses prior concerns about Tether’s reserve management and regulatory compliance amid evolving U.S. regulations for stablecoins, such as the GENIUS Act.
With KPMG’s confirmation of robust reserves exceeding $6 billion, Tether aims to enhance its credibility within the cryptocurrency market while navigating new regulatory frameworks.(Source)
