Tether Taps KPMG for First Full USDT Audit as Regulatory Pressure Builds

Tether has hired KPMG to conduct its first full audit of the reserves backing USDT, the Financial Times reported on Thursday, in a shift beyond the company's current reliance on periodic attestations. PwC is also involved, helping prepare Tether's internal systems ahead of the audit. The audit is expected to provide a deeper review than existing reserve reports produced by BDO Italia, examining assets, liabilities, and internal controls across the business. Tether CFO Simon McWilliams has said the company already operates to a "Big Four audit standard" and that a full audit would be delivered. USDT currently has about $185 billion in circulation, making it one of the primary sources of liquidity in crypto markets. The initiative comes as Tether advances plans to expand in the United States and weighs a potential fundraising round of $15 billion to $20 billion. Those talks have reportedly been slowed by investor concerns around valuation and regulatory risk. Tether's reserve mix also links it closely to traditional markets through sizable exposure to U.S. Treasury securities and related instruments. Regulation in the U.S. is evolving as well. The GENIUS Act has established a federal framework for stablecoins, and Tether has already launched a compliant dollar-pegged token under that structure. Tether's decision to pursue a full audit follows years of scrutiny over its reserve disclosures. Earlier filings highlighted significant reliance on commercial paper and bank deposits. The company previously settled with the Commodity Futures Trading Commission over misleading reserve statements and reached an agreement with the New York Attorney General regarding disclosure practices, which required more detailed reserve reporting for a defined period. KPMG's work is expected to cover the full balance sheet, with PwC supporting system readiness before the audit begins.