Tether Taps KPMG for Full USDT Audit as It Eyes U.S. Expansion and $20B Fundraise

TLDR: Tether has selected KPMG to conduct a full audit of its $185 billion USDT stablecoin reserves. PwC has been engaged to prepare Tether’s internal systems ahead of the comprehensive financial review. The audit goes beyond BDO Italia’s monthly attestations, covering assets, liabilities, and internal controls. Tether launched USAT under the GENIUS Act as it moves toward full U.S. regulatory compliance. Tether has selected KPMG to conduct a full audit of its approximately $185 billion USDT stablecoin reserves. The company also engaged PwC to prepare its internal systems ahead of the review. This move comes as Tether plans a U.S. expansion and seeks to raise between $15 billion and $20 billion. Investor concerns over pricing and regulatory risk have surrounded the fundraising effort. The audit will go beyond BDO Italia’s current monthly attestations of the stablecoin’s reserves. A Comprehensive Review Beyond Monthly Attestations The Financial Times identified KPMG as the auditor after Tether confirmed a Big Four engagement earlier this week. CFO Simon McWilliams stated that the company was “already operating at Big Four audit standard.” He further assured that “the audit will be delivered,” signaling the company’s readiness to meet the requirements. A full financial statement audit covers assets, liabilities, internal controls, and reporting systems. This goes well beyond the scope of the monthly attestations published by BDO Italia. The depth of review marks a clear shift in how Tether approaches financial transparency. Tether has faced persistent questions about its reserves since its launch in 2014. In 2021, CoinDesk filed a legal request with the New York Attorney General seeking documents on USDT’s reserve composition. Tether fought the release and lost twice in court. Documents received after a two-year legal battle in 2023 showed Tether held most of its $40.6 billion in reserves at Bahamas-based Deltec Bank as of March 2021. The reserves carried heavy expo...