Tether, the issuer of the world’s largest stablecoin USDT (approximately $185 billion market cap), has engaged KPMG for its first full independent financial audit. This marks a significant step towards increased transparency, addressing years of criticism regarding its reserve composition. PwC will assist in preparing Tether’s internal systems for the audit, which will go beyond the monthly attestations previously provided by BDO Italia, encompassing a comprehensive review of assets, liabilities, and internal controls. The move coincides with Tether’s plans for expansion into the US market, particularly under the new GENIUS Act framework, and a potential $15-$20 billion fundraising effort. While Tether claims to already operate at ‘Big Four audit standards,’ the audit is expected to bolster investor confidence and address regulatory concerns. Historically, Tether resisted full transparency, facing legal challenges to disclose reserve details, revealing significant holdings in Chinese commercial paper in 2021. The audit is viewed as crucial for supporting Tether’s push into the US and maintaining its dominance in the stablecoin market.
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