Tether Engages KPMG for Comprehensive USDT Audit
- Tether has selected KPMG, a Big Four accounting firm, to audit its $184 billion USDT stablecoin.
- PwC has been engaged to prepare Tether’s internal systems for the audit process.
- The audit aims to enhance transparency as Tether plans to register USDT under the GENIUS Act.
- Tether claims to hold $192 billion in reserve assets, primarily in U.S. Treasuries, backing its stablecoin.
- This marks a significant shift for Tether following scrutiny over reserves and a $41 million CFTC fine in the past.
Tether’s decision to engage KPMG for a full audit of its stablecoin USDT is a strategic move aimed at increasing transparency and compliance with regulatory standards under the GENIUS Act. This comprehensive review will assess Tether’s financial reporting system and asset valuation practices.
With approximately $184 billion in circulation, USDT is the world’s largest stablecoin, making this audit a critical step in addressing past scrutiny over reserve transparency and enhancing investor confidence. (Source)
