On Friday, Tether reportedly hired KPMG to conduct the first full audit of its financial statements. This move can be considered a significant step toward greater transparency. The company also hired PwC to prepare its internal systems in preparation for the audit, according to a Financial Times report.
This move comes after Tether announced earlier in the week that the company had hired a Big Four auditor to conduct the first full audit of its financial statements. However, Tether did not reveal the identity of the auditor at the time. The latest report identifies KPMG as the selected firm.
KPMG Audit to Replace Reserve Attestations
Tether has long promised a full audit but has chosen to release periodic reserve attestations. The reserve attestations have been performed by BDO Italia since 2022. They have provided a snapshot of the reserves but have not included a full review of the company’s financial position.
The comprehensive audit will be conducted by KPMG. It will cover assets, liabilities, and internal controls. This is different from past attestations that mainly looked at reserve balances at a particular time.
The move comes as Tether is looking at new growth opportunities. It is considering entering the United States market. This follows the introduction of the GENIUS Act, which is a federal framework for stablecoin regulation.
Tether is also considering a possible equity raise. Bloomberg reported in September 2025 that the firm was considering a possible raise of up to $20 billion. However, it was also reported that the firm could be valued at $500 billion, though the figure was not confirmed.
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Tether CEO Ardoino denied the reports that the firm had agreed to the fundraising terms in February 2025, saying that no agreement had been reached. However, he also claimed that the firm could be valued at $500 billion by the profits generated by the company.
Tether Highlights $141B Treasury Exposure
USDT retains its place as the biggest stablecoin in terms of market capitalization. Currently, there are $184 billion worth of tokens in circulation, according to CoinGecko data. The coin is widely used in trading in the crypto market.
In January, the company announced its holding of more than $122 billion in direct U.S. Treasury securities. The total treasury securities exposure was $141 billion. This figure includes treasury securities-related instruments such as overnight reverse repurchase agreements.
The company said that the selection process was competitive in nature. It also stated that its operations are already at a high standard in terms of audits. However, the company has not announced a date regarding the completion of the audit.
The firm has been subject to legal action in the past. The CFTC fined Tether $41 million due to false statements regarding its reserves. Tether also settled with the New York Attorney General for $18.5 million due to similar allegations.
Also Read: Tether Hires Big Four Firm for First Full Audit of USDT Reserves
