Tether hires KPMG for USDT audit, partners with PwC for internal systems
- Tether selected KPMG to audit its $185 billion dollar-pegged USDT stablecoin.
- The firm also engaged PwC to prepare its internal systems ahead of the audit.
- Tether aims to raise between $15 billion and $20 billion at a valuation of $500 billion amid investor concerns.
- USDT serves as a reserve currency in crypto markets and is a major buyer of U.S. Treasury bills.
- A full financial statement audit will exceed current monthly attestations by BDO Italia, enhancing transparency.
This audit initiative comes as Tether prepares for expansion in the U.S., reflecting a growing demand for regulatory compliance in the cryptocurrency sector. The shift towards greater transparency aligns with recent legislative efforts like the GENIUS Act, which established a federal framework for stablecoins.
With approximately $185 billion in circulation, Tether’s move toward an audit signifies an important step in addressing longstanding questions about its reserves and operational practices.(Source)
