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Tether completes independent KPMG audit of its reserves

The audit follows years of scrutiny over whether Tether had a Big Four review of the assets backing its USDT token.

Reported · Written up by our desk · Stablecoins

Tether has announced that KPMG U.S. has completed the first independent audit of the companys reserves, addressing long-running criticism about the transparency of what backs its flagship stablecoin USDT, according to Bitcoin Magazine.

Bitcoin Magazine notes that Tether had struggled for years to secure a Big Four accounting firm for a reserves audit, but the company now says completing its financial statement audit sets a new standard for the stablecoin industry, with Tether CEO Paolo Ardoino calling it rigorous scrutiny.

The outlet reports that Tether did not specify in its statement details about its Bitcoin holdings, and it did not immediately respond to follow-up questions.

Bitcoin Magazine also points to the scale of Tether and USDT, saying USDT has a market cap of more than $183 billion, and it cites Arkham Intelligence data that Tether holds nearly $60 billion in Bitcoin in its reserves.

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