- Tether has hired Big Four auditor KPMG for its first comprehensive audit of the roughly $184 billion USDT stablecoin.
- The firm also engaged PwC to prepare its internal systems for the rigorous review of its financial controls and asset valuation.
- This major transparency push comes as Tether plans to register USDT under the U.S. GENIUS Act, which mandates strict audits.
- The move marks a significant shift for a company previously fined $41 million by the CFTC for misleading statements about its reserves.
Tether has taken a landmark step toward transparency by selecting Big Four accounting firm KPMG to conduct a full financial audit of its $184 billion USDT stablecoin. The company confirmed this strategic move earlier this week, according to its own announcement, which was later detailed in a Financial Times report.
Consequently, Tether has also engaged PwC to prepare its internal financial systems for the exhaustive audit process. This dual engagement aims to address investor concerns as the company seeks to expand its presence in the United States market.
The comprehensive review will scrutinize Tether’s complete financial reporting, including internal controls and the valuation of its reserve assets. Tether claims to hold approximately $192 billion in reserves, primarily in U.S. Treasuries, to back its dollar-pegged token.
However, this audit represents a profound shift for the stablecoin issuer. Tether previously faced significant regulatory scrutiny, resulting in a $41 million fine from the CFTC in 2021 over “misleading statements” about USDT’s backing.
Meanwhile, the company has long pursued an audit from a prestigious Big Four firm as a Gold standard for credibility. CEO Paolo Ardoino stated last year that Tether intended to register USDT under the GENIUS Act, a U.S. framework imposing strict anti-money laundering rules and reserve audits.
In January, the firm launched USAT, a GENIUS-Act compliant stablecoin with a circulating supply of just $28 million. This new token remains a minor project compared to the colossal USDT.
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