The Financial Times reported that Tether has retained KPMG to conduct the first comprehensive audit of USDT reserves, marking a milestone in stablecoin transparency. PwC will assist in preparing internal accounting and control systems to meet audit requirements under the new federal stablecoin framework established by the GENIUS Act.
Previously, Tether relied on periodic reserve attestations from BDO Italia since 2022. The audit is expected to cover assets, liabilities and internal controls across Tether’s balance sheet, surpassing snapshot-style attestations and providing a full review of reserve management and risk governance.
USDT’s circulation stands at approximately $185 billion, making it the largest stablecoin by market capitalization. Tether disclosed holdings of over $122 billion in direct US Treasury securities and $141 billion in total Treasury exposure, including overnight reverse repurchase agreements.
The move supports Tether’s planning for a multibillion-dollar equity raise at a $500 billion valuation, as reported in Bloomberg coverage of internal funding discussions. The comprehensive audit may also strengthen Tether’s applications for US market entry and set industry precedent for stablecoin reserve transparency under forthcoming regulation.
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