Tether has moved closer to a full financial review of USDT as it prepares for wider regulatory scrutiny in the United States.
Summary
- Tether hired KPMG for its first full USDT audit and engaged PwC to prepare systems.
- The audit would review assets, liabilities, and controls beyond the reserve attestations issued since 2022.
- Tether’s audit push comes as it weighs US expansion and a possible major equity raise.
The step follows a report that the company hired KPMG for its first full audit and brought in PwC to help organize its internal systems ahead of that process.
The Financial Times reported on Friday that Tether hired KPMG to conduct its first full audit of USDT’s financial statements. The report also said Tether brought in PwC to help prepare its internal controls and reporting systems before the audit begins.
The reported move came days after Tether said it had engaged a Big Four accounting firm for its first full financial statement audit, though it did not name the firm. Until now, Tether has relied on periodic reserve attestations from BDO Italia instead of a full audit.
A full audit would go further than reserve attestations. It would review Tether’s assets, liabilities, and internal controls across the company’s balance sheet rather than only checking reserve positions at specific points in time.
Tether has described the planned review as “the biggest ever inaugural audit in the history of financial markets.” The company said it selected the Big Four firm through a competitive process and added that it already operates at Big Four “audit standards.” However, it has not given a public deadline for the audit’s completion.
Moreover, the audit effort comes as Tether looks at expansion in the United States under the federal stablecoin framework created by the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act. A full audit could help the company support its position as it enters a stricter regulatory environment.
USDT remains the largest stablecoin by market value. CoinGecko data places about $185 billion of USDT in circulation. Tether said in January that it held more than $122 billion in direct US Treasury securities and about $141 billion in total Treasury exposure, including overnight reverse repurchase agreements and similar instruments.
Funding plans and past legal cases remain in focus
Tether’s audit plans also come as the company weighs a possible equity raise. Bloomberg reported in September 2025 that Tether had explored raising up to $20 billion at a $500 billion valuation. Chief executive Paolo Ardoino later disputed that such a figure had been agreed, though he kept the company’s $500 billion valuation target tied to its profits.
The company also continues to face attention over past claims about reserves. The Commodity Futures Trading Commission fined Tether $41 million over what the regulator described as “untrue or misleading statements” about reserve backing.
In a separate matter, Tether agreed to an $18.5 million settlement with the New York Attorney General over claims that it hid losses and misled investors about USDT’s backing.
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