- KPMG selected to conduct full audit of $185B USDT reserves
- PwC engaged to prepare internal systems for audit process
- Tether plans U.S. expansion under new stablecoin rules
- Company aims to raise $15B–$20B amid investor concerns
- Audit marks shift from monthly attestations to full financial review
KPMG Named as Auditor for USDT Reserves
Tether has selected KPMG to conduct a full financial audit of its $185 billion USDT stablecoin reserves, according to a report by the FT citing sources familiar with the matter.
The move confirms the identity of the previously unnamed “Big Four” firm that Tether had earlier stated it engaged for a comprehensive audit. The company had indicated that it was working toward a full financial statement review but had not disclosed the auditor at that time. The audit is expected to go beyond Tether’s current monthly attestations published by BDO Italia, requiring a detailed examination of assets, liabilities, internal controls, and reporting systems.
PwC Engaged to Prepare Internal Systems
In addition to appointing KPMG, Tether has brought in PwC to assist in preparing its internal systems ahead of the audit. This step represents a significant move toward full financial scrutiny for the stablecoin issuer.
Earlier, Tether’s CFO Simon McWilliams stated that the company was already operating at a “Big Four audit standard” and confirmed that a full audit would be delivered. The engagement of PwC is described as the most concrete step yet toward achieving audit readiness and strengthening internal processes.
U.S. Expansion and Fundraising Plans
The audit initiative comes as Tether prepares for expansion into the United States under new regulatory frameworks, including the GENIUS Act, under which it has launched the USAT token. The company is also seeking to raise between $15 billion and $20 billion. However, previous reports indicated investor hesitation due to concerns over pricing and regulatory risks, with the company targeting a valuation of $500 billion.
With approximately $185 billion in circulation, USDT plays a central role in crypto markets and is a major buyer of U.S. Treasury bills, linking digital assets with traditional financial systems. The push for a full audit represents a pivotal moment for Tether, which has historically faced scrutiny over its reserves and transparency since its launch in 2014.
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