Tether has chosen KPMG to carry out a comprehensive audit of the reserves backing its USDT stablecoin, which currently holds $185 billion in assets, according to the Financial Times. The company has also brought in PwC to assist with preparing its internal systems for the review. The dual engagement signals a significant step toward greater financial transparency for the stablecoin issuer.
The decision to pursue a full financial statement audit represents a notable departure from Tether’s historical approach to reserve disclosures. The firm has faced persistent scrutiny over the composition and reliability of the assets backing USDT. Engaging a Big Four accounting firm is widely seen as an effort to address longstanding concerns from investors and regulators alike.
Tether’s move toward greater accountability is closely tied to its ambitions in the United States market. The company is planning a domestic expansion and is seeking to raise as much as $20 billion, a goal complicated by investor concerns over pricing and regulatory exposure. A credible audit from a recognized firm is expected to support those fundraising efforts.
The push for a formal audit also comes in the context of new regulatory requirements in the United States. Tether has already taken steps to align with the GENIUS Act, a set of stablecoin rules under which it has launched a new token called USAT. Compliance with emerging legislation appears to be a central part of the company’s strategy as it seeks to establish a stronger foothold in the US market.
The selection of KPMG marks a meaningful shift for a company that has long operated with limited external verification of its reserves. If completed, the audit would provide a level of independent oversight that Tether has not previously offered. Observers note that the outcome could have broader implications for how stablecoin issuers approach transparency and regulatory compliance going forward.
Originally reported by CoinDesk.
