In brief
- Tether has selected Big Four accounting firm KPMG to conduct a comprehensive audit of its $184 billion USDT stablecoin.
- The company has also engaged PwC to prepare its internal systems for the audit process.
- The move comes as Tether plans to register USDT under the GENIUS Act.
Tether has engaged KPMG to conduct a comprehensive audit of USDT, the world’s largest stablecoin with approximately $184 billion in circulation.
The Financial Times reported that the stablecoin issuer had hired KPMG, following Tether’s announcement earlier in the week that it had engaged a Big Four accounting firm for the first time to conduct a full financial statement audit.
Per the FT, Tether has also brought in PwC to prepare its internal systems for the audit process. The dual engagement comes as Tether faces investor hesitation in its fundraising efforts while pursuing expansion into the U.S. market.
The comprehensive review will examine Tether’s complete financial reporting system, including internal controls and asset valuation, according to industry analysis.
The audit represents a significant shift for Tether, which has faced scrutiny over its reserves transparency and was hit with a $41 million fine by the CFTC in 2021 over “misleading statements” relating to USDT.
Tether claims to hold some $192 billion in reserve assets to back the value of its dollar-pegged stablecoin, USDT, the majority of which are purported to be held in U.S. Treasuries.
Tether has long sought an audit of its reserves by one of the Big Four accounting firms—Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG—the world’s largest auditors, regarded as a kitemark of transparency and rigor.
Last year, Tether CEO Paolo Ardoino told Decrypt that the El Salvador-based firm intended to register USDT under the GENIUS Act’s regime for foreign stablecoin issuers, which imposes stringent anti-money laundering requirements and comprehensive audits of reserves.
In January, Tether issued USAT, a fully-regulated and GENIUS-Act compliant dollar-pegged stablecoin—but with a circulating supply of just $28 million, the token is a minnow compared to USDT.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
JPMorgan: DeFi Security Exploits and Stagnant TVL Limit Institutional Adoption
Gate News message, April 23 — JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said that persistent decentralized finance (DeFi) exploits and weak growth continue to limit institutional interest in the sector. The recent Kelp DAO hack wiped approximately $20 billion from DeFi's tot
GateNews4h ago
Tether freezes $344 million in USDT on the Tron network: OFAC collaboration, two addresses implicated in sanctions evasion
According to a Decrypt 4/23 report, stablecoin issuer Tether froze two wallets on the Tron chain that day, totaling $344 million USDT—one of the largest single-instance freezing actions in Tether’s history. The entity coordinating the action did so in conjunction with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and U.S. law enforcement agencies. The two addresses were marked as allegedly involved in sanctions evasion, criminal networks, or other illegal activities.
Two Tron addresses total $344 million USDT frozen
Decrypt cites Tether data, saying that this freeze was concentrated on the Tron network, broken down into the following two transactions:
Address (prefix) Frozen amount Chain TNiq9…QZH81 About $213 million USDT Tron
ChainNewsAbmedia6h ago
Circle Chief Economist Proposes Raising USDC Rates on Aave Amid KelpDAO Fallout
Gate News message, April 23 — Gordon Liao, Circle's chief economist, has proposed raising USDC lending parameters on Aave v3 Ethereum Core this week following a $292 million KelpDAO rsETH exploit that triggered a liquidity crisis across the protocol. Liao's Request for Comment suggests increasing "S
GateNews7h ago
Lido Proposes $5.8M Contribution to Address Kelp rsETH Deficit from LayerZero Exploit
Gate News message, April 24 — Lido Labs is seeking DAO approval to allocate up to 2,500 staked Ethereum (roughly $5.8 million) to reduce the rsETH deficit caused by the recent Kelp exploit, according to a proposal posted on Thursday. The contribution would be made available only as part of a fully f
GateNews8h ago
Tether Freezes $344M in USDT on Tron Blockchain in Coordination with OFAC
Gate News message, April 23 — Tether froze two large whale wallets on the Tron blockchain holding a combined $344 million in USDT on Wednesday in coordination with the U.S. Treasury's Office of Foreign Assets Control (OFAC) and U.S. law enforcement. The two addresses held approximately $131.3 millio
GateNews9h ago
Tether Supports Freezing of $344M in USDT in Collaboration With U.S. Government
Gate News message, April 23 — Tether announced it has supported the U.S. government in freezing over $344 million in USDT across two wallet addresses. The action was coordinated by the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) and U.S. law enforcement agencies to prevent
GateNews10h ago
