Tether names KPMG for full audit of $185B USDT reserves, brings in PwC to prep internal systems for U.S. expansion

Tether, issuer of the USDT stablecoin, has engaged KPMG to conduct the company’s first full financial statement audit of roughly $185 billion in USDT reserves, while bringing in PricewaterhouseCoopers (PwC) to help overhaul and prepare its internal systems ahead of that audit. This is a step up from the periodic reserve attestations Tether has received from BDO Italia since 2022, and follows earlier indications that it had signed with a Big Four firm without naming which one. A full audit by KPMG will go beyond reserve snapshots to examine Tether’s assets, liabilities, internal controls and reporting systems across its balance sheet, including holdings such as U.S. Treasuries, gold, crypto exposures and loans, as well as the liabilities represented by issued USDT. PwC’s role is to help “ready” Tether’s internal controls and reporting framework so they meet Big Four standards and can support the audit process. The engagement is framed as part of Tether’s planned expansion into the U.S. market under the new federal GENIUS Act stablecoin regime and a possible large capital raise reportedly in the $15–20 billion range, with the company positioning the review as potentially the largest inaugural audit ever conducted in financial markets. The move is significant because it directly addresses long‑standing regulatory and market concerns about the transparency and backing of USDT, the largest stablecoin by market value. A successful Big Four audit is expected to set a new bar for disclosure standards across the stablecoin sector, influence how U.S. and global regulators assess systemic stablecoins, and shape investor confidence in Tether as it seeks deeper integration into the U.S. financial system. "entities":["Tether","USDT","Tether Holdings Ltd.","KPMG","PricewaterhouseCoopers (PwC)","BDO Italia","Circle (contextual)","GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act)"]}`

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• Audit
• Tether
• Expansion
• USDT