TL;DR:
Tether hired KPMG to carry out the first full and independent audit of USDT, as reported by the Financial Times. The largest stablecoin on the market, with approximately $185 billion in circulation, had never been subjected to this type of review by a firm from the so-called Big Four.
The company also brought in PwC to prepare its internal systems ahead of the process. This dual engagement represents a substantial shift from Tether’s historical practice: since 2022, the firm had relied solely on BDO Italia to produce periodic reserve attestation reports, a tool far more limited in scope than a full financial audit.
The review led by KPMG implies far more than a reserve count. According to industry analysis, it will cover assets, liabilities, asset valuation and internal controls. The issuer describes the procedure as “the largest inaugural audit in the history of financial markets.” The firm states that the Big Four was selected through a competitive process, though it did not specify a completion date for the work.
The audit is also a direct response to years of regulatory pressure. Tether paid a $41 million fine to the Commodity Futures Trading Commission in 2021 over statements characterized as misleading regarding its reserves, and reached an $18.5 million settlement with the New York Attorney General for concealing losses and misleading investors about the backing of USDT. That settlement required the company to publish detailed quarterly reserve reports for two years.
The audit also responds to its growth agenda. Tether is evaluating a capital raise of up to $20 billion in equity, a figure Bloomberg reported in September 2025, though CEO Paolo Ardoino clarified that that amount had not been agreed upon. The company maintains its valuation target of $500 billion based on its earnings.
Tether also seeks to register USDT under the regulatory framework of the Guiding and Establishing National Innovation for US Stablecoins Act, the federal stablecoin legislation in the United States, which requires full reserve audits and strict anti-money laundering requirements. In January, the firm launched USAT, a regulated stablecoin compliant with the GENIUS Act, though it carries a circulating supply of just $28 million compared to USDT’s $185 billion.
