Tether, the issuer of the biggest stablecoin, has signed on a Big Four accounting firm to complete its first independent audit after years of scrutiny.
Tether Signs Big Four Firm To Provide Assurance That USDT Is Fully BackedTether is a cryptocurrency company that’s most popularly known for being the issuer of the stablecoin USDT. The firm’s token is the largest stablecoin in the sector by market cap and ranks third overall behind Bitcoin and Ethereum.
Now, with the audit, it seems the company wants to upgrade on this front. “For the hundreds of millions of people and businesses who rely on USD₮ every day, this audit is not just a compliance exercise; it is about accountability, resilience, and confidence in the infrastructure they depend on,” said Ardoino.
As for who the company that’s going to audit Tether is, the exact name is currently unknown. The announcement has just noted that it’s a Big Four firm, which means that it’s one of KPMG, EY, Deloitte, or PwC. Simon McWilliams, Tether Chief Financial Officer, noted:
The Big Four Firm was selected through a competitive process because the organisation is already operating at Big Four audit standard; the audit will be delivered.
As mentioned earlier, USDT is the largest stablecoin in the sector. Its market cap of $184 billion alone accounts for nearly 60% of the total stablecoin market cap. Meanwhile, the closest competitor, USDC, has a market cap of $78 billion.
Bitcoin recovered above $71,000 earlier in the day, but the coin has seen another setback as its price has now returned to $69,300.
