Tether hires Big Four auditor for first full reserves audit
Tether has engaged a Big Four accounting firm to conduct its first comprehensive audit of the reserves backing its USDT stablecoin.Summary
Tether announced it has formally engaged a Big Four accounting firm to complete a comprehensive review of its financial statements, marking a significant move away from its previous quarterly reserve attestations. While the specific firm was not disclosed, the Big Four includes Deloitte, PwC, EY, and KPMG. This full audit aims to address years of scrutiny regarding whether its tokens are fully backed by providing a more detailed and continuous view of assets, liabilities, and internal controls. Tether CEO Paolo Ardoino stated that trust is built when institutions allow full scrutiny. USDT remains the largest stablecoin, with a market capitalization over $180 billion, and this move aligns with Tether's recent expansion in corporate size and geographical footprint.
(Source：The Block)