Overview
- Tether’s auditor was identified as KPMG on Thursday by the Financial Times, with PwC hired to ready internal controls and reporting systems.
- The review replaces BDO Italia’s point‑in‑time attestations with a full financial statement audit that tests assets, token liabilities, and internal controls.
- Tether ties the move to the GENIUS Act, a U.S. law that requires large stablecoin issuers to publish annual audited financials and tighter reserve reporting.
- The company is pursuing a U.S. push and exploring a $15–20 billion equity raise at a $500 billion valuation, with reports noting investor caution over pricing and regulatory risk.
- Scrutiny is high given USDT’s roughly $184–185 billion scale, a 2021 CFTC fine over reserve claims, and disclosures that past reserves were concentrated at Deltec with heavy commercial paper exposure.