"This audit represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance. For the hundreds of millions of people and businesses who rely on USDT every day, this audit is about accountability, resilience, and confidence in the infrastructure they depend on."
"A full audit could help address long-standing concerns about whether USDT is fully backed and liquid. The timing is important as regulators and market participants are demanding stronger proof of reserves from stablecoin issuers."
Tether, the issuer of the largest stablecoin, will conduct its first full independent financial audit by a Big Four firm. This audit will cover Tether's financial statements, including digital assets and reserves. With a market value over $184 billion and 550 million users, the audit is significant. Previously, Tether relied on periodic attestations. A full audit aligns Tether with traditional finance standards and addresses concerns about USDT's backing. The company is also adjusting its reserve structure to support stability and manage its balance sheet.
Read at news.bitcoin.com
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