Tether hires KPMG for USDT audit, brings in PwC as it gears up for U.S. expansion
Tether, the issuer of the world's largest stablecoin USDT, has appointed KPMG to conduct comprehensive audits of its operations while bringing in PricewaterhouseCoopers (PwC) as an additional advisory partner. The moves come as the company prepares for potential expansion into the U.S. market, according to sources familiar with the matter.
The stablecoin issuer has faced ongoing scrutiny over its reserve backing and transparency practices. Tether currently maintains over $100 billion in assets backing USDT, making it the third-largest cryptocurrency by market capitalization. The company has previously worked with smaller accounting firms for attestations but never engaged a Big Four auditing firm for full-scale audits.
The appointment of major accounting firms signals Tether's commitment to meeting higher regulatory standards as stablecoin oversight intensifies globally. U.S. regulators have been pushing for stricter compliance requirements for stablecoin issuers, including regular audits and reserve transparency. This strategic shift could position Tether more favorably with American regulators and institutional clients who have been hesitant to engage with the company due to previous transparency concerns.
Industry observers will be watching for the results of KPMG's first audit and any concrete steps Tether takes toward U.S. market entry. The timeline for potential U.S. expansion remains unclear, with regulatory frameworks still evolving at both federal and state levels.
Source: CoinDesk
