Tether is stepping into a new era of financial scrutiny as it appoints KPMG to conduct its first-ever full financial statement audit. The move signals a major shift for the $184 billion stablecoin giant, which has long relied on periodic attestations rather than comprehensive audits.
The development, first reported by the Financial Times, also revealed that Tether has enlisted PwC to help prepare its internal systems ahead of the audit process. This dual engagement places the company under the lens of two Big Four firms, marking a significant milestone in its push toward institutional-grade transparency.
Tether hires KPMG as auditor ahead of US expansion https://t.co/xE2uB42DLU
— Financial Times (@FT) March 26, 2026
A long-awaited shift toward full transparency
For years, Tether has faced criticism over the opacity of its reserves, despite publishing monthly attestations verified by BDO Italia. While those reports confirmed that USDT was backed by claimed assets at specific points in time, they fell short of offering the continuous, in-depth scrutiny that a full audit provides.
Now, the engagement with KPMG aims to change that narrative. CEO Paolo Ardoino emphasized that the decision reflects years of internal improvements.
“Trust is built when institutions are willing to open themselves fully to scrutiny,”
Ardoino stated, adding that the audit represents Tether’s readiness to meet the highest global financial standards.
The move comes at a time when regulatory pressure and investor demand for transparency are intensifying across the crypto industry, particularly for stablecoin issuers that play a critical role in digital asset markets.
Fundraising plans scaled back amid strategic reset
Alongside its audit efforts, Tether is reportedly recalibrating its fundraising ambitions. Earlier discussions had floated a capital raise between $15 billion and $20 billion at a staggering $500 billion valuation. However, those plans have now been scaled down to approximately $5 billion, a sharp 75% reduction from initial targets.
Despite the adjustment, the company remains highly profitable, having reported around $10 billion in earnings last year. The revised strategy suggests a more measured approach as Tether balances growth with increasing regulatory expectations and market realities.
With USDT firmly maintaining its position as the dominant stablecoin, accounting for $184.2 billion of the total stablecoin market supply of $298.9 billion, far outpacing competitors like Circle’s USDC which has a market cap of nearly $80 billion. Tether’s push for a full audit is expected to reshape perceptions of its credibility and set a new benchmark for transparency in the sector.
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