KPMG, EY, Deloitte or PwC are in the frame to land a contract to audit the reserves of Tether, the creator of the world’s largest stablecoin.
Media reports surfacing over the weekend, following a Reuters story, suggest that Tether Limited is exploring the new appointment of a “big four” accountancy group as the business looks to make good on its previous promises to release results of a thorough independent audit.
Tether says it holds US dollar-denominated reserves for every single token it creates. It uses these to ensure it can maintain a constant value for the tokens it has pegged to the dollar.
Earlier this month, the group appointed a new chief financial officer in Simon McWilliams. At the time, the group’s chief executive officer, Paolo Ardoino, said this was part of the organisation’s plan to make public further details about the group’s financial strength.
He said: “We are moving decisively toward a full audit, reinforcing our role in supporting US financial strength and expanding institutional engagement.
“Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency.”
In the statement released at the time, the company said it was “making a firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement.”
Tether was founded in 2014 and has quickly become a global name, claiming to act as the largest digital conduit for US dollar access, with more than 400 million users worldwide.
