According to the Financial Times, Tether has hired KPMG to perform the first comprehensive audit of USDT’s financial statements, and is also working with PwC to upgrade its internal systems. The move comes after many years in which Tether only provided periodic reserve attestation reports from BDO Italia.
A comprehensive audit plan is seen as preparation for major fundraising ambitions and expansion into the U.S. under the new regulatory framework of the GENIUS Act. With about $185 billion in circulation, USDT is currently the largest stablecoin in the market.
KPMG’s audit is expected to cover all assets, liabilities, and internal control systems. However, Tether has not yet announced a completion timeline. Previously, the company was fined by the Commodity Futures Trading Commission and reached a settlement with New York’s attorney general related to reserve transparency issues.
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