TLDR
- Tether selected KPMG for its first full audit of about $185 billion in USDT reserves.
- PwC is helping Tether prepare internal systems before the full reserve audit begins.
- The audit will review assets, liabilities, controls, and financial reporting systems.
- Tether plans broader US expansion and aims to raise $15 billion to $20 billion.
- Tether has issued monthly reserve attestations with BDO Italia since 2021.
Tether has chosen KPMG to conduct its first full audit of USDT reserves. The move comes as the company pushes into US markets. It also hired PwC to prepare its internal systems before the audit begins.
The audit will go beyond Tether’s monthly attestations from BDO Italia. It will review assets, liabilities, internal controls, and reporting systems. The company said the onboarding process with the auditor is complete.
Tether expands audit scope as US growth plans move forward
Tether said the full audit marks a new stage for the company. It said the review by a Big Four firm will be more rigorous than monthly attestations. The company did not name the auditor in its statement, but reports identified KPMG.
PwC is working on Tether’s internal systems before the full audit starts. That preparation is meant to support the review process. It also comes as Tether plans a broader push into the US market.
The company is also seeking to raise between $15 billion and $20 billion. That effort comes amid investor concerns about valuation and regulatory risk. A full audit could play a central role in those talks.
USDT remains the largest stablecoin in the market. Tether said it serves more than 550 million users worldwide. Its market value is about $184 billion to $185 billion.
Past reserve questions continue to shape Tether’s next steps
Questions about Tether’s reserves have followed the company for years. In 2021, US regulators fined Tether over past claims about full backing. The case focused on statements made between June 2016 and June 2019.
Since 2021, Tether has published reserve attestations through BDO Italia. Those reports have supported the company’s claim that USDT is backed. Still, some market participants have continued to call for a full audit.
That scrutiny reflects Tether’s size in the digital asset market. USDT holds the largest share of stablecoin supply. Because of that, its reserve quality remains a closely watched issue.
The company now appears focused on addressing those concerns more directly. A full audit covers more than a point-in-time check. It also reviews the systems behind the numbers.
Tether says stronger systems support a full independent review
Tether CEO Paolo Ardoino said the company has spent years improving its systems. He linked the audit to that work and to Tether’s push for greater transparency. He said the company is ready for wider external scrutiny.
“Trust is built when institutions are willing to open themselves fully to scrutiny,” Ardoino said. He added that the audit reflects years of work to strengthen Tether’s systems. He said that work should help Tether meet top financial standards.
The company described the audit as voluntary. That point matters because Tether has faced pressure for years over reserve disclosure. A full review by KPMG could give the market a broader view of its finances.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
