Circle Stock Falls 18% After Tether Says It Signed Big Four Auditor
Tether said it has engaged a Big Four accounting firm for its first full audit, challenging a transparency narrative that had favored Circle in stablecoin markets.
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Terms & Concepts
stablecoin: A cryptocurrency designed to maintain a stable value, usually by being tied to a fiat currency such as the U.S. dollar.
reserves: Assets held by a stablecoin issuer to back circulating tokens and support redemption at the intended peg.
full audit: An independent review of a company’s financial statements and supporting records by an external accounting firm.