Tether · Bitcoin · Bitcoin Magazine
Tether Finally Completes Independent Audit of Reserves With KPMG
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The stablecoin giant for years struggled to get a Big Four accounting firm to audit its reserves.
Key facts
- Tether’s USDT product has a market cap of over $183 billion, making it the third biggest cryptocurrency in existence
- The company has in recent years upped its gold buys, holds more U.S. treasuries than some countries and has nearly $60 billion in Bitcoin in its reserves, according to data from Arkham Intelligence
- The San Salvador-based company, which issues the largest stablecoin in existence, USDT, said the audit was “the largest inaugural financial audit in history
- For years, some detractors said an audit of Tether could not be completed,” Tether CEO Paolo Ardoino said in a statement
Summary
Stablecoin giant Tether has announced that KPMG U.S. completed the first independent audit of its reserves after years of struggling to get a Big Four accounting firm to do so. The San Salvador-based company, which issues the largest stablecoin in existence, USDT, said the audit was “the largest inaugural financial audit in history.” Tether for years was criticized for being coy about its reserves and not having an independent audit of what it holds behind its flagship token. “For years, some detractors said an audit of Tether could not be completed,” Tether CEO Paolo Ardoino said in a statement.