Tether Taps KPMG for First Big Four USDT Audit Amid U.S. Expansion Push
Tether has hired KPMG to conduct a comprehensive audit of USDT, the world’s largest stablecoin, with around $184 billion in circulation. PwC has also been engaged to help prepare Tether’s internal systems for the audit. This move marks Tether’s first full financial statement audit by a Big Four accounting firm, aiming to address concerns over transparency and boost investor confidence as the company seeks to expand in the U.S. market. The audit will scrutinize Tether’s financial reporting, internal controls, and asset valuation. Tether claims to back USDT with about $192 billion in reserve assets, mainly U.S. Treasuries. The firm has previously faced regulatory scrutiny, including a $41 million fine from the CFTC in 2021 for misleading statements regarding its reserves. Tether recently launched the USAT stablecoin compliant with U.S. regulations, but it remains small in scale compared to USDT.
