The Financial Times reported that KPMG, a Big Four firm, is the one Tether engaged for its first-ever full independent financial statement audit.
The stablecoin issuer announced the engagement on March 24 without naming the firm. PwC has also been brought on to strengthen internal controls ahead of the review.
Why the KPMG Audit Matters for Tether
Tether’s USDT holds a market cap above $184 billion, making it the reserve currency of the digital asset market. However, the company has never completed a full audit since its founding in 2014.
Previously, BDO Italia published quarterly attestations confirming reserves on a specific date. Those snapshots did not examine internal controls, ongoing operations, or risk exposure over time.
In 2021, the Commodity Futures Trading Commission fined Tether $41 million for misleading statements about its dollar backing. An earlier 2018 audit attempt collapsed after the auditor severed ties.
US Expansion and Fundraising at Stake
The audit supports Tether’s broader ambitions. The company is pursuing US expansion under the Genius Act, signed by President Donald Trump last July. It has also launched a US-based stablecoin called USAT.
The Financial Times previously reported Tether sought to raise $15 billion to $20 billion at a $500 billion valuation. Potential investors flagged the high valuation and regulatory risks.
“This audit represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance,” wrote the FT, citing Tether CEO Paolo Ardoino.
KPMG holds a significant market share in auditing financial services companies. Tether also hired a digital assets specialist from KPMG’s Canadian business as head of internal audit last year.
If completed successfully, the audit could reshape how regulators and institutions evaluate stablecoin transparency. The results are not expected immediately.
