Tether Completes Independent Audit of Reserves with KPMG
Tether has finally completed an independent audit of its reserves after years of criticism over its transparency. The audit, conducted by KPMG U.S., is a significant milestone for the company and its flagship token USDT. Tether's CEO Paolo Ardoino stated that completing the audit sets a new standard for the industry and reflects the leadership the company has brought to the market.
The audit involved physically counting and inspecting every individual gold bar held by Tether, as well as verifying the existence and identifying information of each bar. Additionally, all assets and statements were subject to independent substantive testing and verification.
Tether's USDT product has a market cap of over $183 billion, making it the third biggest cryptocurrency in existence. The company has significantly increased its gold buys and holds more U.S. treasuries than some countries, with nearly $60 billion in Bitcoin in its reserves.