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The issuer of the USDT stablecoin, Tether, has selected KPMG, a member of the “Big Four,” to conduct a comprehensive audit of its reserves and financial statements, according to the Financial Times.
As reported by the publication, the audit will not be limited to reserves but will also encompass the company’s liabilities and internal control systems. Another firm from the “Big Four,” PwC, may also be involved in the process.
The audit aims to enhance transparency and trust in USDT. The company asserts that the stablecoin is fully backed by reserves and possesses high liquidity.
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The Financial Times links the preparation for the audit to Tether’s plans for expansion in the U.S. market and attracting investments. In February, the company considered raising $15–20 billion with a valuation of around $500 billion, but faced cautious responses from investors, partly due to concerns regarding the transparency of its reserves.
Tether has indicated that it has revised its reserve structure in recent years to favor more conservative instruments, established regular disclosures about their composition, and increased collaboration with law enforcement agencies.
According to FT, the choice of KPMG may be influenced by personnel factors: Tether’s head of internal audit previously worked at this firm. KPMG is the smallest by revenue among the “Big Four.”
Previously, Tether representative Bo Hines stated that the company intends to increase investments in U.S. government bonds used to back the USDT stablecoins.
