Tether hires KPMG for USDT audit, brings in PwC as it gears up for U.S. expansion

FT identifies KPMG as auditor as stablecoin giant eyes fundraising and expansion under new U.S. rules

What to know:

• Tether has selected KPMG to conduct a full audit of its $185 billion USDT stablecoin reserves and hired PwC to help prepare its internal systems, according to FT.
• The move toward a comprehensive financial statement audit comes as Tether plans a U.S. expansion and seeks to raise up to $20 billion amid investor concerns over pricing and regulatory risk.
• A Big Four audit would mark a major shift for Tether, which has long faced scrutiny over its reserves and transparency, and follows new U.S. stablecoin rules under the GENIUS Act, under which it has launched the USAT token.

The unnamed “Big Four” firm that Tether selected to audit its $185 billion dollar-pegged USDT stablecoin is KPMG, the Financial Times reported Thursday, citing people familiar with the matter.

Tether has also engaged PwC to prepare its internal systems ahead of the audit, marking the most concrete step yet toward full financial scrutiny for the world’s largest stablecoin issuer. CoinDesk has contacted Tether for comment on the matter.

CoinDesk reported earlier this week that Tether had said it had entered a formal engagement with a Big Four auditor, but the stablecoin issuer did not identify the firm. CFO Simon McWilliams said at the time that Tether was “already operating at Big Four audit standard” and that “the audit will be delivered.”

All this comes as the El Salvador-based company prepares for a U.S. expansion and a potential fundraising round. The Financial Times previously reported that Tether faced investor hesitation in efforts to raise $15 billion to $20 billion at a $500 billion valuation, with concerns centered on pricing and regulatory risk.

The audit push lands at a pivotal moment. USDT, with roughly $185 billion in circulation, functions as the reserve currency of crypto markets and a major buyer of U.S. Treasury bills, linking digital assets to traditional financial systems at scale.

A full financial statement audit would go well beyond the monthly attestations currently published by BDO Italia, requiring a detailed review of assets, liabilities, internal controls and reporting systems.

That level of disclosure has long been a sticking point for critics, as Tether has faced persistent questions about its reserves since its launch in 2014 and historically fought transparency.

In 2021, CoinDesk filed a FOIL request with the New York Attorney General's office seeking documents on USDT's reserve composition. Tether fought the release in court and lost twice.

The documents, received after a two-year legal battle in 2023, revealed that Tether held the vast majority of its $40.6 billion in reserves at Bahamas-based Deltec Bank as of March 2021, with heavy exposure to commercial paper issued by Chinese and international banks, including Agricultural Bank of China, Bank of China Hong Kong, and ICBC.

Tether's move toward greater transparency aligns with a shifting regulatory backdrop in the United States as crypto as a whole becomes a mainstream asset class used by Wall Street.

The GENIUS Act, signed into law last July, established the first federal framework for stablecoins in the U.S., under which Tether has already launched a compliant dollar-pegged token, USAT.

More For You

As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.

Why it matters:

Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all.

More For You

Sharp late-session selling and rising leverage suggest a bigger move is coming, with downside risk building.

What to know:

• XRP slid about 2.7% to hover near $1.35 after a sharp late-session sell-off that pushed the token below key $1.36 support.
• Heavy, rapid selling with a spike in volume points to forced liquidations and a fragile market structure rather than orderly profit-taking.
• Traders are watching $1.35 as near-term support and...

XRP slides toward $1.35 as liquidation wave signals weak support

6 minutes ago

Bitcoin slides below $68,500 as Trump extends Iran deadline but war risks persist

28 minutes ago

White House crypto czar David Sacks transfers to presidential advisory committee role

4 hours ago

Top Democrat on House committee questions Kraken's Federal Reserve account

6 hours ago

Crypto edges off of worst levels after Trump extends Iran strike pause

7 hours ago

GameStop turned its $368 million bitcoin stash into an options income play

8 hours ago

Coinbase, Fannie Mae bring crypto-backed mortgages to homebuyers

17 hours ago

Strategy’s 11.5% dividend equity bounces back faster than historical average to unlock more bitcoin buying

9 hours ago

Market structure bill compromise draws wide-ranging reaction from fractured crypto crowd

Mar 25, 2026

Bitcoin has traded in a tight range for nearly 50 days – but this is not a "bear flag"

18 hours ago

MARA Holdings higher by 10% after selling $1.1 billion in bitcoin to fund debt buyback

16 hours ago

Why big banks are snubbing open ledgers to build their own private blockchains

12 hours ago