Tether Completes KPMG Audit, Exceeds $6.8 Billion in Reserves
Tether, one of the largest stablecoin issuers, has completed a comprehensive audit of its reserves in collaboration with KPMG. The audit confirmed that Tether's reserves exceed its financial obligations by $6.8 billion.
The physical verification of approximately 150 tons of gold stored in a secret vault in Switzerland was a key aspect of the audit. This move aims to put an end to long-standing doubts within the crypto community regarding the backing of USDT stablecoin.
Tether CEO Paolo Ardoino emphasized that the company is no longer solely a cryptocurrency entity but sees itself as a digital dollar and gold company, serving over 650 million users worldwide. The company has been actively investing in areas beyond traditional financial services, including decentralized communications, supporting agriculture, and financing solar kiosks.