According to the Financial Times, Tether has hired KPMG – one of the world’s largest accounting firms – to conduct its first comprehensive, independent financial audit.
On March 24th, the company that issues the stablecoin revealed it had hired a firm to conduct an independent review, but didn’t disclose the firm’s name. They’ve also engaged PwC to improve their internal processes in preparation for the review.
Why the KPMG Audit Matters for Tether
With a market value exceeding $184 billion, Tether’s USDT is essentially the main currency used in the digital asset world. Despite this, Tether has never had a complete, independent audit of its finances since it started in 2014.
BDO Italia used to provide reports each quarter showing a bank’s reserves at a single point in time. However, these reports didn’t look at how well the bank managed its risks, how its daily operations were functioning, or its internal controls over a period of time.
In 2021, Tether was penalized $41 million by the Commodity Futures Trading Commission for making false claims about the reserves supporting its cryptocurrency. Previously, in 2018, an attempt to audit Tether’s finances failed when the auditing firm ended its relationship with the company.
US Expansion and Fundraising at Stake
The recent audit backs up Tether’s plans for growth. The company is working to expand in the United States, taking advantage of the Genius Act signed by former President Donald Trump last July. They’ve also introduced a new US dollar-backed stablecoin called USAT.
The Financial Times reported that Tether was trying to raise between $15 billion and $20 billion, hoping to be valued at $500 billion. However, some investors were concerned about this high valuation and potential regulatory issues.
According to the Financial Times, Tether CEO Paolo Ardoino stated that the recent audit reflects years of effort to improve the company’s systems and align with top-tier global financial standards.
KPMG is a leading firm when it comes to auditing companies in the financial sector. Last year, Tether recruited a digital asset expert from KPMG Canada to lead their internal audit team.
If the audit goes well, it could significantly change how watchdogs and financial institutions assess how open and honest stablecoin companies are. However, we shouldn’t expect findings right away.
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2026-03-27 07:52