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 stands to give the company, which has long faced criticism over its lack of transparency, a stamp of legitimacy.
In a statement, Tether announced that the audit will review Tether’s assets, liabilities, and reserves and be conducted by one of the Big Four—a term that describes Deloitte, EY, KPMG, and PwC—but did not specify which one. Five years ago, Tether was fined $41 million for falsely claiming that its stablecoins were fully backed by fiat currencies.
