Tether Hires KPMG for First Full Audit of $184 Billion USDT Reserves

Mar 27, 2026

Tether has hired Big Four accounting firm KPMG to conduct its first comprehensive audit of the $184 billion USDT stablecoin reserves, while engaging PwC to prepare internal systems for the process. The move represents a major shift for the El Salvador-based company, which has long faced scrutiny over reserve transparency and was fined $41 million by the CFTC in 2021 for misleading statements. Tether claims to hold $192 billion in reserves, primarily in U.S. Treasuries, and is pursuing regulatory approval under the GENIUS Act to expand into the U.S. market while seeking a multibillion-dollar equity raise.

KPMG Audit Engagement and Scope

▪KPMG is one of the Big Four accounting firms, which are the world's largest auditors.
▪The KPMG engagement represents the first time Tether has engaged a Big Four accounting firm to conduct a full financial statement audit.
▪USDT is the world's largest stablecoin with approximately $184 billion in circulation.

Tether's Transparency Challenges and Regulatory History

▪Tether was hit with a $41 million fine by the CFTC in 2021 over misleading statements relating to USDT.
▪Tether has long sought an audit of its reserves by one of the Big Four accounting firms.
▪Tether claims to hold some $192 billion in reserve assets to back the value of USDT.

U.S. Market Expansion and GENIUS Act Compliance

▪Tether issued USAT in January as a fully-regulated and GENIUS-Act compliant dollar-pegged stablecoin.
▪USAT has a circulating supply of just $28 million.