Tether Completes KPMG Audit Down to Counting Gold Bars

Tether (USDT), a leading stablecoin, has finally completed an audit from KPMG, down to counting its gold bars. The audit is a major milestone for Tether, which has faced criticism and skepticism in the past over its reserve management practices.

The audit was conducted by KPMG, a Big Four accounting firm, and covers the period between January 2022 and June 2023. According to Tether, the audit found that it had sufficient reserves to back its stablecoin supply, with no discrepancies in its gold holdings.

Tether has faced intense scrutiny over its reserve management practices, particularly after a lawsuit was filed against it in 2021 alleging that it did not have enough assets to cover its liabilities. The company has consistently maintained that its reserves are sufficient, but the audit is seen as an important step towards rebuilding trust with investors and regulators.