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Tether has moved closer to a full financial review of USDT as it prepares for wider regulatory scrutiny in the United States.\u00a0<\/strong><\/p>\n <\/p>\n The step follows a report that the company hired KPMG for its first full audit and brought in PwC to help organize its internal systems ahead of that process.<\/p>\n The Financial Times reported<\/a> on Friday that Tether hired KPMG to conduct its first full audit of USDT\u2019s financial statements. The report also said Tether brought in PwC to help prepare its internal controls and reporting systems before the audit begins.<\/p>\n <\/p>\n The reported move came days after Tether said it had engaged a Big Four accounting firm for its first full financial statement audit, though it did not name the firm. Until now, Tether has relied on periodic reserve attestations from BDO Italia instead of a full audit.<\/p>\n A full audit would go further than reserve attestations. It would review Tether\u2019s assets, liabilities, and internal controls across the company\u2019s balance sheet rather than only checking reserve positions at specific points in time.<\/p>\n Tether has described the planned review as \u201cthe biggest ever inaugural audit in the history of financial markets.\u201d The company said it selected the Big Four firm through a competitive process and added that it already operates at Big Four \u201caudit standards.\u201d However, it has not given a public deadline for the audit\u2019s completion.<\/p>\n Moreover, the audit effort comes as Tether looks at expansion in the United States under the federal stablecoin framework created by the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act. A full audit could help the company support its position as it enters a stricter regulatory environment.<\/p>\n USDT remains the largest stablecoin by market value. CoinGecko data places<\/a> about $185 billion of USDT in circulation. Tether said in January that it held more than $122 billion in direct US Treasury securities and about $141 billion in total Treasury exposure, including overnight reverse repurchase agreements and similar instruments.<\/p>\n Tether\u2019s audit plans also come as the company weighs a possible equity raise. Bloomberg reported in September 2025 that Tether had explored raising up to $20 billion at a $500 billion valuation. Chief executive Paolo Ardoino later disputed that such a figure had been agreed, though he kept the company\u2019s $500 billion valuation target tied to its profits.<\/p>\n The company also continues to face attention over past claims about reserves. The Commodity Futures Trading Commission fined Tether $41 million over what the regulator described<\/a> as \u201cuntrue or misleading statements\u201d about reserve backing.\u00a0<\/p>\n\n
Audit expands beyond reserve snapshots<\/strong><\/h1>\n
Funding plans and past legal cases remain in focus<\/strong><\/h2>\n