KPMG, PwC Involved In Tether’s First-Ever Audit: Report
Tether has signed on KPMG for its inaugural full independent audit, as well as PwC to help the crypto firm prepare its internal systems. KPMG Will Reportedly Participate In Tether Audit On Tuesday, stablecoin issuer Tether announced that it had hired a Big Four firm for its first full independent financial audit. A Big Four […]
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Tether’s general counsel said a full audit is coming in months. There will be an official audit of the world’s most popular stablecoin Tether within months according to the project’s general counsel.An audit for the world’s third-largest digital asset has been awaited for several years and increased regulatory pressure appears to have accelerated the process.In a rare mainstream media interview on CNBC, Tether CTO Paolo Ardoino and general counsel Stu Hoegner were asked some pressing questions on the subject of USDT’s backing and transparency.Hoegner responded to the question by saying:“We....
Technology giant Microsoft and KPMG International, the parent of ‘big four’ audit firm KPMG, has announced the launch of strategically positioned blockchain workspaces to research and develop blockchain applications for real-world processes. Fintech technology is all the rage and blockchain technology, in particular, is the poster child. In continuing the trend of developers hastening toward blockchain development and prototypes, tech behemoth Microsoft and one of the world’s largest enterprise services firms in KPMG have partnered to establish installations toward blockchain development....
Wall Street Journal's Jean Eaglesham and Vicky Ge Huang suggested that such a “thin cushion of equity” could cause mayhem in the market if Tether’s liabilities were to outweigh its assets. An article in the Wall Street Journal (WSJ) has claimed that Tether’s balance sheet is in a position that even a 0.3% drop in value of its reserve assets could “render Tether technically insolvent.”In an Aug. 27 report, WSJ journalists Jean Eaglesham and Vicky Ge Huang focused on the cloudy nature of Tether’s USDT reserves and its long-awaited audit that has been in the works since 2017. Eaglesham and....