Tether Plans First Full Audit as KPMG Steps In to Scrutinize $184B Stablecoin Giant

Tether is taking a major step toward deeper financial transparency by appointing KPMG to carry out its first-ever full financial statement audit, marking a shift from its long-standing reliance on periodic reserve attestations.

The stablecoin issuer, headquartered in El Salvador, has also brought in PwC to assist in upgrading its internal financial systems ahead of the comprehensive review. The move signals a broader effort to align with the rigorous standards typically expected in traditional finance.

Previously, Tether had depended on monthly reports from BDO Italia to verify that its flagship stablecoin, USDT, was backed by the assets it claimed. However, those attestations only offered snapshots in time, falling short of the depth and continuity provided by a full audit.

With a circulating supply exceeding $180 billion, USDT remains the dominant player in the stablecoin market, far ahead of competitors like Circle and its USDC token. The broader stablecoin sector is approaching $300 billion in total supply, underscoring the growing importance of trust and accountability in the space.

CEO Paolo Ardoino emphasized that the audit reflects years of internal improvements designed to meet institutional-grade expectations. The engagement with a Big Four firm formalizes Tether’s push to shed lingering skepticism around its reserves and operations.

At the same time, the company appears to be recalibrating its financial ambitions. Earlier discussions around raising as much as $15–$20 billion at a $500 billion valuation have now reportedly been scaled down to a $5 billion target. The adjustment comes despite Tether posting roughly $10 billion in profit last year, suggesting a more measured approach to growth amid increasing scrutiny.

The audit, once completed, could become a defining milestone for Tether—potentially reshaping how regulators, investors, and institutions view the world’s largest stablecoin.