Tether (USDT) says it selected a 'big four' firm for its first audit
Tether has hired a 'Big Four' accounting firm to conduct its first full financial statement audit of USDT reserves.Summary
Tether, the issuer of the leading stablecoin USDT, announced on Tuesday that it has engaged a "Big Four" auditing firm – Deloitte, EY, KPMG, or PwC – to perform its first comprehensive financial statement audit. This audit aims to address longstanding concerns regarding the transparency and backing of USDT reserves, and to establish new disclosure standards. Tether’s Chief Financial Officer, Simon McWilliams, stated the firm was chosen through a competitive process due to its existing adherence to 'Big Four' audit standards. While Tether has previously released attestations of its reserves, a full audit provides a more detailed examination of assets, liabilities, controls, and reporting systems. The company did not disclose which of the 'Big Four' firms was selected, but the move is a response to years of criticism about the full backing of USDT, which currently has a market capitalization of $184 billion. Tether’s holdings primarily consist of U.S. Treasury bills, with smaller allocations to gold, Bitcoin, and loans, a composition that has faced scrutiny regarding liquidity and risk.
(Source：CoinDesk)