Tether Brings in KPMG for USDT Audit, PwC Joins as U.S. Expansion Accelerates

Tether has engaged KPMG for its first full financial statement audit and brought in PwC to help prepare internal systems, people familiar with the matter said. The move would take the stablecoin issuer beyond its long-running attestation model as it builds a U.S. product track under the GENIUS Act framework.

Tether Starts First Big Four Audit Process with KPMG, PwC Support

Tether said on March 24 that it had formally engaged a Big Four accounting firm for its first full independent financial statement audit, but it did not name the firm. KPMG has been selected for that work, with PwC helping prepare Tether’s internal systems ahead of the audit, according to people familiar with the matter.

The announcement marked Tether’s clearest public step yet toward a full audit. Chief financial officer Simon McWilliams said the company was already operating at Big Four audit standards and that the audit would be delivered.

A Full Audit Would Go Beyond Tether’s Current Reserve Reporting

At year-end 2025, Tether International reported $192.9 billion in total assets against $186.5 billion in total liabilities, with an excess reserve buffer of about $6.34 billion. Those figures were covered by an ISAE 3000 assurance report tied to Tether’s published financial figures and reserves report as of December 31.

A full financial statement audit would move well beyond that format. It would cover the issuer’s broader financial reporting, including assets and reserves backing USDT, liabilities, and internal controls.

That would be a meaningful shift for Tether, which has faced scrutiny over reserves and transparency for years. The audit process is also arriving at a larger scale than before, with total liabilities of about $186.5 billion, primarily tied to USDT.

Audit Effort Advances as Tether Builds a U.S. Route via USAT

The audit effort is unfolding as Tether builds a more formal U.S. path under the GENIUS Act. In January, the company launched USAT, a federally regulated dollar-backed stablecoin issued by Anchorage Digital Bank for the U.S. market.

Tether said at the time that USDT would continue to operate globally while moving toward compliance under the new U.S. framework and that USAT had been designed specifically for domestic use. That gave the company a regulated U.S. product route without replacing USDT.

Together, the audit process and USAT launch point to a more formal operating posture in the United States. The company is not only defending its reserve model against criticism. It is also trying to fit more cleanly inside a federal stablecoin regime that demands stricter standards.

Capital-Raising Talk Remains an Open Question

The audit also intersects with Tether’s broader capital plans. Earlier discussions had involved a possible fundraising round of as much as $20 billion, though Paolo Ardoino later said those figures were hypothetical rather than a fixed target.

That leaves the audit carrying weight beyond disclosure alone. It will also shape how investors, counterparties, and regulators assess Tether as it tries to broaden its role in U.S. dollar-backed digital assets.