Tether has engaged KPMG to conduct its first full financial statement audit, covering roughly $184 billion in circulating USDT supply. The move introduces institutional-grade scrutiny to the largest stablecoin issuer, a long-standing concern for counterparties and regulators.
The El Salvador-based issuer also hired PwC to prepare internal systems ahead of the audit, according to the Financial Times. The announcement follows Tether’s earlier confirmation that it had formally engaged a Big Four firm, without naming the auditor at the time.
Will A Full Audit Reshape Stablecoin Trust Standards?
Tether (USDT) dominates the stablecoin market with $184.2 billion outstanding, within a total sector supply of $298.9 billion, according to data. Its closest competitor, USD Coin (USDC), holds roughly $80 billion, highlighting a significant concentration of liquidity in a single issuer.
But Tether has historically relied on quarterly attestations from BDO Italia rather than full audits, leaving gaps in disclosure scope and methodology. A complete financial audit would align its reporting standards more closely with traditional financial institutions and listed entities.
“Trust is built when institutions are willing to open themselves fully to scrutiny,” said Paolo Ardoino, CEO of Tether.
He added that the audit reflects years of internal system upgrades aimed at meeting global financial reporting standards.
Still, questions remain over timing and outcomes as Tether reportedly scales back fundraising ambitions to $5 billion from earlier discussions of up to $20 billion, according to the Financial Times. With reported annual profits near $10 billion, the audit’s completion may influence both capital strategy and regulatory positioning, setting a timeline the market will watch closely.
