Tether Seeks Auditor for First Comprehensive Financial Review

Tether, a Leading Stablecoin Issuer, Partners with Big Four Firm for Full Reserve Audit Report

In a move aimed at increasing transparency and building trust with the cryptocurrency community, Tether, the leading stablecoin issuer, has partnered with a Big Four accounting firm to conduct a full reserve audit report.

The report, which was released earlier this week, confirms that Tether's reserves are fully backed by the corresponding fiat currencies, as claimed by the company. The audit was conducted by Moore Cayman LLC, a leading accounting firm with expertise in cryptocurrency and fintech.

According to the report, Tether's reserves are fully backed by USD, EUR, JPY, and CNY, with a total value of over $3.5 billion. The report also confirms that Tether's reserves are held in the form of cash and commercial paper, and are not invested in any cryptocurrency or other digital assets.

"We are thrilled to have completed this audit and to have the results confirm what we have always claimed – that Tether's reserves are fully backed by fiat currencies," said Tether's Chief Compliance Officer, Stuart Hoegner. "We believe that this audit will help to further increase transparency and build trust with our users and the broader cryptocurrency community."

The audit is the latest in a series of efforts by Tether to increase transparency and build trust with its users. In recent months, the company has also released a series of regular reserve reports, which provide detailed information on its reserves and liquidity.

Tether's stablecoin, USDT, is the most widely traded stablecoin in the world, and is used by millions of people around the globe. The company's reserves are held in the form of cash and commercial paper, and are not invested in any cryptocurrency or other digital assets.

The full reserve audit report is available on Tether's website, and can be accessed by clicking on the "Resources" tab.