Tether has reportedly hired KPMG for its first full independent audit of USDT’s reserves and brought in PwC to help, as the stablecoin giant eyes a multibillion-dollar equity raise.
The Financial Times reported Friday that Tether has hired KPMG to conduct its first full audit of USDT’s financial statements and brought in PwC to help prepare its internal systems, citing people familiar with the matter.
The reported mandate follows Tether’s Tuesday announcement that it had formally engaged a Big Four firm for an inaugural financial statement audit, without naming the provider, and comes after years of pledges to deliver a full review of its books while relying instead on periodic reserve attestations from BDO Italia, the Italian member firm of the BDO global accounting network that has been producing USDt (USDT) assurance reports since 2022.
The move comes as Tether (USDT) weighs a major equity raise and a push into the US under the new federal stablecoin framework created by the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
