"Tether's mission has always been to build trust through action. The audit will cover Tether's full balance sheet, including U.S. Treasuries, cash equivalents, digital assets, and tokenized liabilities."
"The company has faced sustained questions about its reserves since at least 2021, when the New York Attorney General fined Tether $41 million for misrepresenting the full dollar backing of USDT."
"Tether has since shifted its reserve composition toward short-term U.S. Treasuries and has published quarterly transparency reports, moving beyond periodic reserve attestations."
KPMG has been selected to perform Tether's inaugural audit, which is described as the largest in financial market history. Tether has also engaged PwC to enhance its internal systems and controls. The audit will encompass Tether's entire balance sheet, including U.S. Treasuries and digital assets, and will assess governance and compliance systems. This audit exceeds previous reserve attestations, which only provided snapshots of reserves. Tether has faced scrutiny regarding its reserves since 2021, leading to a shift in its reserve composition towards U.S. Treasuries.
Read at news.bitcoin.com
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