Tether taps Big Four firm KPMG for first financial audit of $184 billion stablecoin issuer: FT
Tether has hired KPMG, a Big Four accounting firm, to conduct its first full financial audit, increasing transparency for the $184 billion stablecoin.Summary
Tether, the issuer of the largest stablecoin USDT, has engaged KPMG to perform its first full financial statement audit after years of relying on limited attestations. The company has also brought in PwC to prepare its internal systems for the audit. This move follows Tether CEO Paolo Ardoino’s statement that “trust is built when institutions are willing to open themselves fully to scrutiny.” USDT currently holds a market capitalization of $184.2 billion, representing a significant portion of the total $298.9 billion stablecoin supply. Previously, Tether relied on monthly attestations from BDO Italia, which were less comprehensive than a full audit. The audit comes as Tether explores raising $5 billion, a reduction from earlier discussions of a $15-$20 billion raise tied to a $500 billion valuation, following a reported $10 billion profit last year.
(Source：The Block)