Tether announces it has brought on a Big Four firm to con...

What’s Happening

Real talk: The move could put to rest long-running rumors about the integrity of the stablecoin giant’s $184 billion reserve fund.

Tether, the world’s largest stablecoin company , just dropped on Tuesday that it has signed a Big Four accounting firm to complete its first full audit. The move stands to give the company, which has long faced criticism over its lack of transparency, a stamp of legitimacy. (shocking, we know)

Recommended Video In a statement, Tether just dropped that the audit will review Tether’s assets, liabilities, and reserves and be conducted the Big Four—a term that describes Deloitte , EY , KPMG , and PwC—but did not specify which one.

The Details

Five years ago, Tether was fined $41 million for falsely claiming that its stablecoins were fully backed . The announcement comes two months after the company shipped USAT , a stablecoin designed to be compliant with U.

Further cemented its dominance in the stablecoin industry, where it rn owns about 60% of market . Stablecoins are a type of cryptocurrency pegged to a stable asset like the U.

Why This Matters

“The Big Four Firm was selected through a competitive process because the organization is already operating at Big Four audit standard; the audit will be delivered,” dropped Simon McWilliams, chief financial officer of Tether, in the statement. Prior to President Donald Trump’s second term, Tether had several run-ins with regulators. In 2021, the company reached a settlement with the New York attorney general’s office after it allegedly covered up roughly $850 million in losses.

This reflects broader trends we’re seeing in the business world right now.

Key Takeaways

• That same year, blockchain analytics company TRM Labs found that Tether’s network had been used to finance terrorism.
• The connections between the president and Tether are not hard to find.

The Bottom Line

Since Trump took office last January, the stablecoin giant, along with other major crypto companies, has benefited from more lenient regulation out of Washington. The connections between the president and Tether are not hard to find.

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