Tether has signed on KPMG for its inaugural full independent audit, as well as PwC to help the crypto firm prepare its internal systems.
KPMG Will Reportedly Participate In Tether Audit
On Tuesday, stablecoin issuer Tether announced that it had hired a Big Four firm for its first full independent financial audit. A Big Four firm typically refers to one of KPMG, PwC, Deloitte, or EY. In the announcement, Tether never divulged who the Big Four firm that it’s engaging with is, but a report from the Financial Times has now surfaced with the name: KPMG.
Tether has long been on the receiving end of criticism regarding transparency surrounding its asset reserves, including a $41 million fine from the United States Commodity Futures Trading Commission (CFTC) over alleged misstatements about having enough dollars to back its stablecoin, USDT.
Despite the turbulence, USDT has maintained a dominant position in the sector, with its valuation of $184 billion making up for nearly 60% of the total stablecoin market cap today. That said, the company has mostly stayed outside of the US, but recently, it has been making an expansion back into the market.
Earlier this year, Tether launched USAT, another USD-backed stablecoin that’s specifically aimed at American investors. According to the firm, this coin complies with the new stablecoin rules put into effect last year.
The new financial audit, if successful, could further support the company’s push into the country. According to the FT report, Tether is also leveraging support from another Big Four firm: PwC. The London-based accounting company will help the stablecoin issuer ready its internal systems ahead of the inaugural audit.
During the initial announcement, Paolo Ardoino, Tether CEO, noted:
Tether’s mission has always been to build trust through action, not promises. Trust is built when institutions are willing to open themselves fully to scrutiny.
In recent years, stablecoins have gained popularity as they provide for an alternative to fiat for digital asset investors to store their capital in, as well as a means of relatively fast and cheap transactions. The growing interest in the sector has invited regulation around the world, with the GENIUS Act in the US acting as a major milestone for the industry.
Hong Kong also put into effect its stablecoin legislation in August, with the first issuer licenses expected to go out this year. Meanwhile, Japan has already seen the launch of its first yen-backed token known as JPY. Elsewhere in Asia, South Korea has been preparing its stablecoin bill for a while now, but after encountering some regulatory roadblocks, the framework has been stalled.
Over in Europe, twelve major banks have come together to form a consortium aimed at launching a euro-based competitor to shake up the current USD-ruled stablecoin market, with a release slated for the second half of 2026.
Bitcoin Price
At the time of writing, Bitcoin is floating around $67,700, down nearly 4% in the last seven days.
The price of the coin appears to have gone down over the last couple of days | Source: BTCUSDT on TradingView
