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Tether, issuer of the world’s largest stablecoin USDT (market cap ~$184 billion), has hired KPMG—one of the Big Four accounting firms—to perform its first-ever full independent financial statement audit.

The move, confirmed via a Financial Times report, is explicitly designed to support Tether’s push into the US market.For years, Tether faced criticism over reserve transparency.

It previously relied only on limited quarterly attestations from smaller firms and paid a $41 million CFTC fine in 2021 for misleading claims about full dollar backing.

A comprehensive KPMG audit will now cover assets, liabilities, reserves, internal controls, and risk systems—delivering the highest global standard of assurance.The timing is strategic. The audit aligns with upcoming US regulations, such as the GENIUS Act, which require rigorous oversight for foreign stablecoin issuers.

Tether has already paused up to $20 billion in fundraising plans pending the results and engaged PWC to strengthen internal systems.This marks a major credibility boost.

With ~60% market share, Tether now directly competes with Circle’s more-regulated USDC (audited by Deloitte).

The audit is expected to ease institutional adoption, improve banking partnerships, and support potential future financing or listings.Skeptics will await the final report, but the engagement signals Tether’s shift from crypto’s regulatory gray zone to mainstream finance.

For users and investors, it could herald a new era of transparency and stability in the stablecoin sector.