Tether has selected Big Four accounting firm KPMG to conduct a comprehensive audit of its $184 billion USDT stablecoin. The company also engaged PwC to prepare its internal systems, marking a significant move as Tether plans to register USDT under U.S. regulations. This follows years of scrutiny over the company’s reserve transparency.
Tether has engaged KPMG to conduct a full audit of its USDT stablecoin, which has around $184 billion in circulation. The company also brought in PwC to prepare its internal systems for this process, according to a report.
The comprehensive review will examine Tether’s complete financial reporting system, including internal controls and asset valuation. This audit represents a major shift for a company previously fined $41 million by the CFTC for misleading statements about its reserves.
Tether claims to hold roughly $192 billion in reserve assets, primarily U.S. Treasuries, to back USDT. The company has long sought an audit from one of the Big Four firms, regarded as a key marker of transparency and rigor.
The move comes as Tether plans to register USDT under the GENIUS Act’s regulatory regime for foreign stablecoin issuers. Tether CEO Paolo Ardoino previously stated the firm intended to pursue this registration, which imposes stringent anti-money laundering rules and reserve audits.
In January, Tether launched USAT, a fully-regulated and GENIUS-Act compliant stablecoin. However, its circulating supply is just $28 million, making it negligible compared to the dominant USDT.
