🏦 Tether engages KPMG for first full independent financial audit, with PwC hired to prepare internal systems The USDT issuer has formally engaged Big Four accounting firm KPMG to conduct its first complete independent financial audit, according to the Financial Times, which cited sources familiar with the matter. PwC has also been brought on to help prepare Tether's internal systems ahead of the review. Tether CEO Paolo Ardoino stated: "Trust is built when institutions are willing to open themselves completely to scrutiny," describing the audit as "years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance." The move marks a significant step beyond the monthly attestations previously issued by BDO Italia, which confirmed USDT reserve coverage but did not constitute a full audit of financial statements. USDT remains the largest stablecoin by market capitalization. According to data from The Block, total stablecoin supply stands at $298.9 billion, with USDT accounting for $184.2 billion. Circle's USDC ranks second at nearly $80 billion. The audit push comes as Tether's advisors have evaluated a capital raise of $5 billion, scaled back from earlier discussions of $15 to $20 billion tied to a $500 billion valuation. https://t.co/d6MtLiAb6A