Tether hires KPMG for first full audit, taps PwC for systems

Tether, the El Salvador-based issuer of the USDT stablecoin, has engaged KPMG to conduct its first full financial statement audit and brought in PwC to prepare internal systems and controls for the review, according to the Financial Times.

This clarifies Tether’s Tuesday statement that it had formally hired a Big Four auditor to carry out its first fully independent audit of its financial statements. At the time, it did not disclose which firm it had hired.

The company described the audit as part of efforts to meet higher reporting standards and expand transparency around the reserves backing USDT. In a statement, CEO Paolo Ardoino wrote: “Trust is built when institutions are willing to open themselves fully to scrutiny.” He added that the audit “represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance.”

USDT remains the largest stablecoin by market value. Market data shows total stablecoin supply at about $298.9 billion, with USDT at roughly $184.2 billion. USDC ranks second at nearly $80 billion.

Up to now, Tether released monthly attestations from BDO Italia confirming that its tokens were backed by reported assets. Attestations are point-in-time checks and are not the same as a full audit of financial statements. KPMG’s work is expected to cover a complete review of Tether’s financials.

People briefed on the matter indicate advisers to Tether have discussed raising about $5 billion, down from earlier talks targeting $15 billion to $20 billion linked to a $500 billion valuation. The revised figure follows the company’s report of roughly $10 billion in profit last year.

KPMG and PwC are Big Four accounting firms. The engagements mark the first review of Tether’s full financial statements by firms in that group.