Tether Taps KPMG for First Full Audit of $185B USDT Stablecoin

Highlights:

• Tether taps KPMG to complete its first full audit of USDT reserves and financial systems.
• The audit will review assets, liabilities, and internal controls across Tether systems.
• Tether has shifted from attestations to a full audit to verify its financial reporting.

Tether, the El Salvador-based stablecoin issuer, has engaged KPMG to conduct its first full financial statement audit of USDT, according to Financial Times. The company confirmed it entered a formal engagement with a Big Four accounting firm to complete the audit. However, Tether did not name the firm in its initial announcement. People familiar with the matter later identified KPMG as the selected auditor.

Tether has selected KPMG to conduct a full audit of its approximately $185 billion USDT reserves and hired PwC to prepare its internal systems. The move comes as Tether plans a U.S. expansion and seeks to raise $15–20 billion amid investor concerns over pricing and regulatory… pic.twitter.com/4VG5zN0Bx5

— Wu Blockchain (@WuBlockchain) March 27, 2026

At the same time, Tether has hired PwC to prepare its internal systems before the audit begins. PwC will organize Tether’s financial data and align reporting structures with audit requirements. This preparation will ensure that auditors can review complete financial records during the audit.

The full financial audit will examine Tether’s assets, liabilities, internal controls, and reporting systems. It will go beyond the monthly attestations published by BDO Italia. Those attestations confirm reserve balances at a specific date without reviewing the full financial systems. A full audit will require verification across reporting periods.

Tether said the audit will mark its first complete independent financial statement review. The company stated that it expects the audit to meet standards applied in global financial markets. Tether described the process as a formal step toward full financial disclosure.

Tether’s chief financial officer, Simon McWilliams, stated that Tether’s internal financial systems already support the upcoming audit. USDT has an estimated circulation of about $185 billion and supports liquidity across global crypto markets.

Tether Taps KPMG to Advance Full Financial Scrutiny and Disclosure Standards

Tether has replaced limited disclosures with a full audit to provide verified financial data. The company previously relied on attestations instead of full financial statement audits. Those attestations confirmed selected reserve data but did not assess full financial systems or internal controls.

A full audit requires independent verification of financial records, internal controls, and reporting systems. KPMG will assess how Tether records assets and liabilities across its balance sheet. The firm will also review governance structures and test reporting accuracy.

Paolo Ardoino, chief executive of Tether, said:

“Tether’s mission has always been to build trust through action, not promises. Trust is built when institutions are willing to open themselves fully to scrutiny. This audit represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance.”

Tether Signs Big Four Firm to Complete First Full Audit, Setting a New Quality Standard for the Digital Asset Economy

Read more: https://t.co/rtsB7l4nJL

— Tether (@tether) March 24, 2026

Tether earns revenue from returns generated on assets backing USDT. The company allocates a large portion of its reserves to US Treasury bills. These holdings position Tether as a major buyer of US government debt instruments. This activity connects digital asset markets with traditional financial systems.

KPMG holds a strong position in auditing financial services firms. Tether has also hired a digital asset specialist from KPMG’s Canadian unit as head of internal audit. This hire supports internal oversight ahead of the external audit process.

Audit Push Aligns with US Expansion and Stablecoin Regulation Shift

The firm has associated its audit initiative with a wider campaign of open access to finances. The stablecoin issuer seeks to develop systems that enable people and companies to transfer money without the normal limitations. Tether is also working on supplying financial products in areas where the current systems are still inadequate or unreliable.

Meanwhile, Tether is preparing to expand in the United States while advancing its audit process. The company has launched USAT to meet federal requirements under the GENIUS Act.