Home / Business and Economy / Tether Hires KPMG for Full Audit Ahead of US Expansion
Tether Hires KPMG for Full Audit Ahead of US Expansion
27 Mar
Summary
- Tether, the largest stablecoin issuer, engaged KPMG for its first full financial statement audit.
- The audit aims to build credibility for a US expansion and potential fundraising efforts.
- Past concerns about reserve transparency and illicit activity have faced Tether since 2014.
Tether, the largest stablecoin issuer globally, has formally engaged KPMG to conduct its first full independent financial statement audit. This significant step is intended to bolster the company's credibility and pave the way for its planned expansion within the United States, as well as potential fundraising initiatives.
The El Salvador-based company, responsible for the $18.5 billion dollar-linked stablecoin USDT, aims to address historical concerns surrounding the transparency and backing of its reserves. These questions have persisted since Tether's inception in 2014. The completed audit is expected to facilitate a funding round that could establish a company valuation and support its growth in the US market.
In addition to KPMG, Tether has reportedly enlisted PwC to assist with internal systems preparation for the audit. The company also recently launched USAT, a dollar-pegged token designed for US regulatory compliance, following the enactment of the Genius Act in July. While BDO Italia currently provides monthly attestations, KPMG's full audit is anticipated to offer a deeper level of assurance regarding USDT's asset backing.
