KPMG is set to handle the long-awaited USDT audit

For years, Tether has faced criticism for relying on reserve attestations rather than a full independent audit.

That now appears to be changing. The Financial Times reported that KPMG is the “Big Four” accounting firm Tether selected to audit the reserves backing USDT, the world’s largest stablecoin. CoinDesk reported the same development and said the audit will cover USDT’s roughly $185 billion reserve base.

This matters because a full audit is far more comprehensive than the periodic attestations Tether has published in the past. Recent coverage says the process is expected to review assets, liabilities, internal controls, and reporting systems, which would give the market a much deeper look into how Tether operates behind the scenes.

PwC is helping prepare the company internally

The second important part of the story is PwC’s role.

According to the Financial Times, Tether has also hired PwC to help ready its internal systems as the company prepares for this next phase. That suggests Tether is not just trying to complete one audit exercise, but is working to upgrade its infrastructure and reporting standards in a more lasting way.

Taken together, the KPMG and PwC hires show that Tether is bringing in two of the biggest accounting names in the world at the same time. That is a notable shift for a company that spent years under scrutiny over transparency and reserve quality.

The timing is tied to U.S. expansion

The timing of the move is not accidental.

The Financial Times said the changes come as Tether eyes fundraising and expansion under new U.S. rules. Reuters has separately reported that the U.S. has become more open to crypto under the current administration, with regulators laying out friendlier frameworks for digital assets and stablecoins.

There is also a broader business angle here. Fortune reported earlier this week that Tether launched a U.S.-focused stablecoin product, USAT, in January, signaling that its return to the American market is already underway. Reuters reported in September 2025 that USAT was designed to comply with U.S. stablecoin rules, while USDT would remain the company’s foreign-issued flagship token.

Why this matters for the market

This is an important development because Tether sits at the center of the crypto trading system.

USDT remains the largest stablecoin in the market, with reporting this week putting its size around $185 billion. A proper audit from KPMG would likely be seen as one of the strongest attempts yet to answer long-standing doubts around the reserves behind that supply.

It also shows how much the regulatory climate has changed. Reuters reported last year that Tether had been in talks with a Big Four auditor already, but that the company believed a friendlier U.S. political and regulatory backdrop would make such a deal more realistic. That appears to be exactly what is now happening.

Tether is trying to look more institutionally credible

The bigger picture is that Tether is trying to move closer to institutional-grade credibility.

Hiring KPMG for the audit and PwC for internal preparation sends a message that the company wants to be taken more seriously by regulators, counterparties, and potentially investors if fundraising is part of the plan. That does not erase all past concerns, but it does mark one of the clearest attempts yet to professionalize the business as it expands in the U.S.