Tether Finally Reveals KPMG as Its First Full Auditor: Here’s What’s at Stake
Previously, BDO Italia published quarterly attestations confirming reserves on a specific date. Those snapshots did not examine internal controls, ongoing operations, or risk exposure over time.
In 2021, the Commodity Futures Trading Commission fined Tether $41 million for misleading statements about its dollar backing. An earlier 2018 audit attempt collapsed after the auditor severed ties.
US Expansion and Fundraising at Stake
The audit supports Tether’s broader ambitions. The company is pursuing US expansion under the Genius Act, signed by President Donald Trump last July. It has also launched a US-based stablecoin called USAT.
The Financial Times previously reported Tether sought to raise $15 billion to $20 billion at a $500 billion valuation. Potential investors flagged the high valuation and regulatory risks.
“This audit represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance,” wrote the FT, citing Tether CEO Paolo Ardoino.
KPMG holds a significant market share in auditing financial services companies. Tether also hired a digital assets specialist from KPMG’s Canadian business as head of internal audit last year.
If completed successfully, the audit could reshape how regulators and institutions evaluate stablecoin transparency. The results are not expected immediately.
BY: Written & Edited by Lockridge Okoth
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