Tether hires KPMG for USDT audit, brings in PwC as it gears up for U.S. expansion

Tether, the issuer of the USDT stablecoin, has engaged KPMG as its auditor and PwC to prepare its internal systems, marking a significant step towards full financial scrutiny. This move comes as Tether prepares for expansion in the U.S. and potential fundraising, following reports of investor hesitation due to regulatory concerns. The audit will go beyond current monthly attestations by BDO Italia, involving a detailed review of assets, liabilities, and internal controls. Previously, Tether faced criticism for a lack of transparency regarding its reserves, with past disclosures revealing significant holdings at Deltec Bank and exposure to Chinese commercial paper. This increased transparency aligns with the evolving regulatory landscape in the U.S., particularly following the enactment of the GENIUS Act and the launch of Tether’s compliant USAT token. The institutionalization of stablecoins is driving demand for transparency and compliance, with regulated issuers gaining market share.

(Source：CoinDesk)