Circle Shares Drop 24% After Tether Hires KPMG for $185B USDT Audit
Circle Internet Group shares plunged 24% last week after Tether engaged KPMG to audit its $185 billion USDT stablecoin. This decline coincided with Bitcoin tumbling from $75,000 to $66,000 and crude oil rising above $110 per barrel as geopolitical tensions escalated.
1. Circle Share Plunge
Circle Internet Group shares tumbled 24% last week following Tether’s announcement it hired KPMG to audit its $185 billion USDT stablecoin, eroding investor confidence in crypto-backed issuers.
2. Tether Audit Details
The audit engagement with the Big Four firm covers Tether’s full reserves for its $185 billion dollar-pegged stablecoin, marking its first comprehensive external scrutiny as it seeks broader U.S. market access.
3. Crypto Market Volatility
Geopolitical tensions in Iran and crude oil prices topping $110 per barrel triggered a risk-off sentiment that pushed Bitcoin from $75,000 to $66,000 and drove Ethereum below $2,000, exacerbating pressure on crypto-related equities.