Markets
What to know:
- Tether has decided to get serious and hired KPMG to dig through its couch cushions for the $185 billion USDT stablecoin reserves. And guess who’s coming along for the ride? PwC, ready to help Tether buff up its internal systems like they’re prepping for the gym! According to the Financial Times-because who doesn’t love a little gossip?
- This move towards a big financial statement audit comes as Tether plots its U.S. invasion, hoping to sprinkle around $20 billion and ease investor worries about price tags and regulatory boogeymen. Because nothing says “trust us” like bringing in the accountants!
- A Big Four audit? Oh, you bet your Bitcoin this is a plot twist! Tether, long the subject of scrutiny, is finally stepping into the limelight thanks to new U.S. stablecoin rules via the GENIUS Act. Yup, they even launched the USAT token to prove they’re not just dressing up for Halloween!
The firm that was “unnamed” until now (drumroll, please!) is KPMG, as revealed by the Financial Times, because why keep secrets when you can have a scandal?
And wait, there’s more! Tether has roped in PwC to prep the internal systems before the big audit showdown. It’s the most action Tether has seen since they last played Monopoly with real money!
Earlier this week, CoinDesk learned that Tether had casually mentioned it was engaging a Big Four auditor. CFO Simon McWilliams, channeling his inner magician, claimed they are “already operating at Big Four audit standard.” But hey, where’s the rabbit?
As the El Salvador-based company gears up for its U.S. expansion and a potential fundraising bonanza, the Financial Times reports that investors are feeling a bit shaky about Tether’s plans to raise $15 billion to $20 billion at a $500 billion valuation. Apparently, pricing and regulatory risk are the party poopers!
Now, let’s talk shop: USDT, a cool $185 billion in circulation, is basically the VIP reserve currency of crypto markets. It’s also a major buyer of U.S. Treasury bills, linking our digital playground to the big kids’ table of finance!
A full financial statement audit would blow past the monthly attestation snooze-fests that BDO Italia churns out. We’re talking a detailed review that’ll make your accountant sweat-assets, liabilities, internal controls, you name it!
This level of disclosure has been the thorn in Tether’s side, as critics have been hounding them about their reserves since 2014. They’ve historically treated transparency like a vampire treats sunlight-avoid at all costs!
In 2021, CoinDesk sent a FOIL request to the New York Attorney General, looking for documents on USDT’s reserve composition. Tether fought back like a raccoon over a trash can and lost-not once, but twice!
Finally, after two years of legal wrestling (and I mean wrestling!), they received documents showing Tether held the bulk of its $40.6 billion in reserves at Bahamas-based Deltec Bank, with a significant crush on commercial paper from Chinese and international banks. Talk about a complicated relationship!
But Tether’s transformation into a transparency-loving butterfly aligns with the shifting sands of regulation in the U.S. as crypto isn’t just the new kid on the block anymore; it’s the whole block party!
The GENIUS Act, signed last July, is rolling out the welcome mat for stablecoins in the U.S., and Tether has already launched a dollar-pegged buddy, USAT. Because in the world of crypto, if you can’t beat ’em, join ’em-and bring snacks!
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2026-03-27 07:14