Tether has engaged KPMG to conduct its first full independent financial audit, marking a major step toward greater transparency for the world’s largest stablecoin issuer, according to multiple reports.
The long-awaited audit will cover the company’s balance sheet, including
reserves backing its USDT token
internal controls,
governance and
compliance systems,
moving beyond the periodic attestations Tether has relied on for years.
PwC has also been brought in to help prepare Tether’s internal systems and reporting processes ahead of the review, sources said.
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The move represents a shift for Tether which has faced longstanding scrutiny over whether its dollar-pegged tokens are fully backed by reserves. Unlike attestations, which provide snapshot confirmations, a full audit examines financial statements and internal processes under established auditing standards.
Tether, which issues the USDT stablecoin used widely in crypto trading and payments, has delayed a comprehensive audit for nearly a decade despite repeated promises.
The audit is expected to scrutinize assets including
U.S. Treasuries,
cash equivalents and
digital holdings,
as well as liabilities tied to tokens in circulation in what the company has described as a landmark review.
The engagement comes as Tether seeks to expand its presence in the United States and improve institutional trust amid tightening regulatory scrutiny of stablecoins.
KPMG declined to comment while Tether has not publicly confirmed details of the auditor’s mandate.
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