Key Highlights
- KPMG has been engaged by Tether to perform a comprehensive audit of USDT reserves totaling $185 billion
- PricewaterhouseCoopers (PwC) is assisting with internal system preparation before the audit begins
- This audit represents a significant upgrade from BDO Italia’s monthly reserve attestations currently in place
- Tether seeks to enter the U.S. market while pursuing a capital raise of up to $20 billion at a $500 billion company valuation
- These developments come after the GENIUS Act established America’s first comprehensive federal stablecoin regulatory framework
The issuer of USDT, the world’s most widely-used stablecoin, has enlisted Big Four accounting firm KPMG to conduct a comprehensive audit of its reserve holdings. Additionally, PwC has been contracted to prepare the company’s internal infrastructure, the Financial Times reports.
Tether has selected KPMG to conduct a full audit of its approximately $185 billion USDT reserves and hired PwC to prepare its internal systems. The move comes as Tether plans a U.S. expansion and seeks to raise $15–20 billion amid investor concerns over pricing and regulatory… pic.twitter.com/4VG5zN0Bx5
— Wu Blockchain (@WuBlockchain) March 27, 2026
This development represents a significant milestone for an organization that has grappled with transparency concerns throughout its history spanning more than ten years.
With approximately $185 billion in tokens currently circulating, USDT dominates cryptocurrency trading markets and ranks among the most significant holders of United States Treasury securities.
Previously, Tether’s financial disclosures consisted solely of monthly attestations performed by BDO Italia. KPMG’s comprehensive audit will examine far more territory, including asset verification, liability assessment, internal control mechanisms, and financial reporting infrastructure.
Simon McWilliams, serving as Tether’s Chief Financial Officer, stated this week that the organization was “already operating at Big Four audit standard” and assured stakeholders that “the audit will be delivered.” While Tether had previously acknowledged engaging a Big Four firm, KPMG’s identity remained undisclosed until the Financial Times reporting.
Background on Tether’s Disclosure Challenges
Historically, Tether has resisted transparency initiatives. Back in 2021, CoinDesk submitted a Freedom of Information Act request to New York’s Attorney General seeking comprehensive information about USDT’s reserve breakdown.
Tether contested the document release through legal channels and was unsuccessful in both court proceedings. Materials ultimately obtained in 2023 revealed that during March 2021, Tether maintained the majority of its $40.6 billion reserve portfolio at Deltec Bank, headquartered in the Bahamas. The documentation showed substantial holdings in commercial paper issued by Chinese financial institutions, including Agricultural Bank of China, Bank of China Hong Kong, and Industrial and Commercial Bank of China (ICBC).
The current audit initiative signals a dramatic departure from the company’s previous approach to public financial disclosure.
American Market Entry and Capital Raising Strategy
Tether’s audit initiative coincides with strategic plans for American market penetration. Simultaneously, the organization is pursuing a capital raise ranging from $15 billion to $20 billion, positioning the company at a $500 billion valuation.
According to prior Financial Times coverage, potential investors have expressed reservations regarding valuation metrics and regulatory uncertainty.
The enhanced transparency push is partially motivated by evolving U.S. regulatory requirements. The GENIUS Act, which became law last July, created America’s inaugural comprehensive federal regulatory structure governing stablecoins.
Operating within this new legal framework, Tether has already introduced USAT, a dollar-backed token designed for full regulatory compliance.
The company, which maintains operations from El Salvador, is strategically positioning itself to meet U.S. regulatory standards as cryptocurrency adoption accelerates within traditional financial systems.
Tether has yet to issue official public statements regarding the KPMG engagement.
