"The audit will review Tether's assets, liabilities, and reserves and be conducted by one of the Big Four-a term that describes Deloitte, EY, KPMG, and PwC-but did not specify which one."
"The Big Four Firm was selected through a competitive process because the organization is already operating at Big Four audit standard; the audit will be delivered."
"Tether's return to the U.S. further cemented its dominance in the stablecoin industry, where it currently owns about 60% of market share."
"In 2021, the company reached a settlement with the New York attorney general's office after it allegedly covered up roughly $850 million in losses."
Tether, the largest stablecoin company, has announced its first full audit by a Big Four accounting firm to improve transparency. The audit will assess Tether's assets, liabilities, and reserves. This decision follows past criticisms and regulatory issues, including a $41 million fine for misleading claims about its stablecoins. Tether recently launched USAT, a compliant stablecoin, and holds a 60% market share in the stablecoin industry. The audit aims to bolster Tether's legitimacy amid a backdrop of regulatory scrutiny and changing political climates.
Read at Fortune
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