Rich by Coin

Tether, the world’s largest stablecoin company, announced on Tuesday that it has signed a Big Four accounting firm to complete its first full audit. The move could give the company, which has long faced criticism over its lack of transparency, a stamp of legitimacy. The audit will review Tether’s assets, liabilities, and reserves and will be conducted by one of the Big Four firms—Deloitte, EY, KPMG, or PwC—though the specific firm was not disclosed. “The Big Four firm was selected through a competitive process because the organization is already operating at Big Four audit standards and will deliver the audit,” said Simon McWilliams, Tether’s chief financial officer; Ardoino added that trust comes from openness to scrutiny and that the company aims to build trust through action, not promises.

Five years ago, Tether was fined $41 million for falsely claiming that its stablecoins were fully backed by fiat currencies. The announcement follows the launch of USAT, a compliant stablecoin, and marks a return to the U.S. market, where Tether now commands roughly 60% of the stablecoin market.