Key Highlights
- Tether hires KPMG for its first full USDT audit, signaling stronger transparency and regulatory alignment.
- CFO McWilliams says the audit sets stage for U.S. expansion and potential fundraising with top investors.
- Tether Gold (XAUT) on BNB Chain brings digital gold access without traditional custody hassles.
Tether is moving toward greater financial transparency by bringing in KPMG to audit its $185 billion USDT stablecoin. The company has also hired PwC to get its internal systems ready for the audit.
This will be Tether’s first full independent audit since it was founded in 2014, replacing the smaller reserve reports it used to release through BDO Italia.
The decision comes as pressure grows from both investors and regulators for more transparency around stablecoin reserves. Tether CEO Paolo Ardoino highlighted the importance of the move, saying the company has been at the center of the stablecoin market for over a decade.
The upcoming audit will look closely at Tether’s financial statements, reserves, internal controls, and reporting systems—offering a far more detailed review than the brief reserve snapshots Tether has shared in the past.
Fueling U.S. expansion and investor confidence
Tether’s CFO, Simon McWilliams, said KPMG was chosen through a competitive process, noting that “The Big Four Firm was selected through a competitive process because the organisation is already operating at Big Four audit standard.”
The audit also sets the stage for Tether’s U.S. expansion and a possible fundraising round. Ardoino on X said that Tether is “evaluating a raise from a selected group of high-profile key investors,” adding the funds will “maximize the scale” of its strategy across stablecoins, AI, commodity trading, energy, communications, and media.
Tether has faced regulatory issues before—the Commodity Futures Trading Commission fined the company $41 million in 2021 over misleading claims about its dollar backing. The new full audit signals a shift toward stronger regulatory compliance, especially as the U.S. moves to create federal stablecoin rules under the GENIUS Act.
Tether’s USAT stablecoin which was introduced last year is aimed at U.S. businesses and institutions, complementing its widely used USDT stablecoin in emerging markets.
Expanding tokenized commodity access
Beyond fiat-backed stablecoins, Tether is also scaling its Real-World Asset (RWA) footprint. The company just brought its gold-backed token, Tether Gold (XAUT), to BNB Chain. Each token represents one troy ounce of physical gold held in Swiss vaults and meets London Good Delivery standards.
By putting XAUT on BNB Chain, Tether lets users access digital gold without the hassle of traditional custody or settlement. This move connects traditional safe-haven assets with blockchain liquidity, making gold trading possible through decentralized wallets and apps.
Tether’s combined approach—pursuing a full audit and expanding tokenized assets—shows a clear effort to boost credibility and integrate more deeply into the market. The company is positioning itself as a key reserve currency in crypto while preparing to meet top-level U.S. regulatory standards.
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