But attestations are not audits. They do not examine internal controls, governance, or the valuation methodology behind complex or illiquid assets. At best, you can call an attestation a photograph of a balance sheet, but it doesn’t show how the company got there.For years, Tether relied on attestations from BDO Italia, its Italian auditing partner since 2022, which confirmed at a point in time that the assets Tether claimed to hold were, in fact, held.Tether holds roughly $17.5 billion in gold reserves , a ...

Tether has engaged KPMG to conduct a comprehensive audit of USDT, the world's largest stablecoin with approximately $184 billion in circulation. The Financial Times reported that the stablecoin issuer had hired KPMG, following Tether’s announcement earlier in the week that it had engaged a Big Four accounting firm for the first time to conduct a full financial statement audit. Per the FT, Tether has also brought in PwC to prepare its internal systems for the audit process. The dual engagement comes as T ...