San Salvador-based Tether, the issuer of the world’s largest stablecoin USDT, announced the completion of its first independent audit of reserves conducted by KPMG U.S., calling it the largest inaugural financial audit in history. The company stated that KPMG physically counted and inspected every individual gold bar held by Tether, verifying the existence and identifying information of each bar. According to data from Arkham Intelligence, Tether holds nearly $60 billion in Bitcoin and more U.S. treasuries than some countries. USDT’s market cap exceeds $183 billion, making it the third biggest cryptocurrency in the world.
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