KPMG Verifies Record-Breaking Reserves for Tether

Tether, the issuer of the widely-used stablecoin USDT, has completed its largest inaugural financial audit in history. The audit was conducted by KPMG and resulted in a clean opinion after verifying that Tether had $6.814 billion more reserves than liabilities.

This milestone marks a significant shift in the stablecoin market dynamics as no other stablecoin has matched this scale on its first audit. The successful completion of the audit is expected to boost investor confidence in Tether's stability and liquidity.

Tether CEO Paolo Ardoino, also CTO of Bitfinex, confirmed the news, stating that the company had worked closely with KPMG to ensure a smooth audit process.