Tether said in March that it had hired a “Big Four” accounting firm to conduct its first full audit. KPMG is one of the Big Four, the group of accounting giants that also includes Deloitte, EY and PwC and audits many of the world’s largest companies.
KPMG examined Tether’s transactions, systems, valuations, counterparties and ownership records, according to the company. Auditors also physically counted and inspected its gold bars.
Tether has repeatedly promised a full audit while relying on reserve attestations, leaving critics asking why a company of its size hadn’t undergone the same level of scrutiny common among large financial firms.
Concerns about the stability and backing of its USDT token, a key piece of infrastructure for crypto trading and markets, have surfaced from time to time as a potential systemic risk for digital assets. The recurring debate became so familiar in crypto circles that it earned its own shorthand as “Tether FUD.”
The stakes have only grown as USDT swelled to over $180 billion in market capitalization, while Tether has become a major buyer of U.S. government debt for reserve assets.
“For years, some detractors said an audit of Tether could not be completed,” CEO Paolo Ardoino said in a statement.