Tether has engaged KPMG to perform its first full independent audit of USDT’s $184 billion reserves, marking a major milestone in the stablecoin issuer’s transparency efforts, according to reports from the Financial Times and Cointelegraph. This audit replaces the previous quarterly attestations and seeks to provide a comprehensive review of Tether’s holdings, including U.S. Treasuries, cash equivalents, and digital assets, as noted by CryptoNews.
In conjunction with KPMG's audit, Tether has also brought PwC on board to develop internal compliance and reporting systems. This move is part of the company’s broader strategy to secure regulatory approval and expand within the U.S. financial markets under the GENIUS Act framework, as detailed by Decrypt and CoinDesk.
Tether’s decision to involve two Big Four accounting firms reflects increased regulatory scrutiny following past regulatory penalties, including settlements with the New York Attorney General and the Commodity Futures Trading Commission (CFTC) for misreporting reserve backing, which DL News highlighted. The reputational risks for these firms had previously deterred them from auditing stablecoins of this scale.
The company’s plans also include raising a multibillion-dollar equity funding round to support its expansion efforts in the United States, according to Cointelegraph and Decrypt. These developments indicate a strategic shift toward greater institutional credibility and regulatory compliance for one of the largest stablecoin issuers globally.
Observers will be closely watching the completion of the KPMG audit and the reception from U.S. regulators, as these processes will likely influence Tether’s ability to meet financial and regulatory standards under evolving stablecoin legislation. The outcome could set a precedent for transparency in the broader crypto stablecoin market.
Tether
Paolo Ardoino
PwC
KPMG
