Tether Retains KPMG, PwC for First-Ever Financial Audit: FT

According to a report published by the Financial Times, Tether – the world's largest digital asset issuer – has selected Big Four accounting firm KPMG to audit its financial statements.

The stablecoin issuer has also hired PwC to help ready its systems for the audit, said people familiar with the matter.

What's the Scoop?

• Auditor Unveiled: Citing people familiar with the matter, the Financial Times reports that Tether has selected KPMG to audit its $185B investment portfolio. The report also indicates that Tether has retained fellow Big Four firm PwC as it prepares internal systems for the audit, a standard audit preparation step.
• First Audit: Tether announced on Tuesday that it had "entered a formal engagement with a Big Four accounting firm to complete its first full independent financial statement audit." While it declined to name the auditor, Tether's press release boasted that it will make for "the biggest ever inaugural audit in the history of financial markets."
• Raise Ambitions: The Financial Times reported last month that Tether faced investor pushback when attempting to raise up to $20B at a $500B valuation; a favorable audit result might aid the stablecoin issuer with its raise.