Tether, the world's largest stablecoin with $185 billion in circulation, has hired KPMG for its first full audit of USDT's financial statements. This move follows Tether’s previous commitment to deliver a comprehensive review of its books. The audit will cover assets, liabilities, and internal controls, addressing years of skepticism about Tether's reserves.
As Tether prepares for a potential $20 billion equity raise, this audit is seen as a critical step towards meeting the new federal stablecoin regulations under the GENIUS Act. Tether holds over $122 billion in direct U.S. Treasury securities, with total Treasury exposure of around $141 billion.
Despite claims of operating at 'Big Four' standards, Tether has not committed to a completion date for the audit. This audit marks a significant milestone for Tether, aiming to set a new quality standard in the digital asset economy.