The post Tether Hires KPMG for First Full Financial Audit of USDT Reserves – Crypto News Bitcoin News appeared on BitcoinEthereumNews.com.

Tether Reported to Hire KPMG for First Full USDT Audit The Financial Times reported on Friday that KPMG is the firm selected to perform the audit, citing people familiar with the matter. Tether had announced the engagement three days earlier without naming the auditor, describing the process as “the biggest ever inaugural audit in the history of financial markets.” The company has also reportedly retained PwC to help prepare its internal systems, controls, and reporting ahead of the review. The audit covers Tether’s full balance sheet, including U.S. Treasuries, cash equivalents, digital assets, and tokenized liabilities, along with internal controls, governance, risk management, and compliance systems. This goes well beyond the reserve attestations Tether has issued periodically since USDT launched in 2014, most recently through BDO Italia on a monthly and quarterly basis. Attestations confirm a snapshot of reserves. They do not constitute a financial statement audit under generally accepted auditing standards. USDT carries a market capitalization above $184 billion and is used by more than 550 million people globally. It functions as a primary source of liquidity across crypto markets and ranks among the largest holders of U.S. Treasury securities outside of sovereign governments. Tether CEO Paolo Ardoino said in a statement: “Tether’s mission has always been to build trust through action.” CFO Simon McWilliams, appointed in early 2025 specifically to prepare the company for Big Four-level scrutiny, said the auditor was chosen through a competitive process and that the audit will be delivered. The company has faced sustained questions about its reserves since at least 2021, when the New York Attorney General fined Tether $41 million for misrepresenting the full dollar backing of USDT. Legal records from that period showed heavy exposure to commercial paper and specific counterparties. Tether has since shifted its reserve composition toward short-term U.S.…

---

Filed under: News - @ March 27, 2026 1:30 pm