Tether has hired KPMG to conduct its first full independent financial statement audit as it prepares for US expansion and potential fundraising. The stablecoin issuer also brought in PwC to help ready internal systems for the audit, according to people familiar with the matter. Tether previously announced the engagement but didn't name the firm initially.

The El Salvador-based company faces scrutiny over transparency and asset reserves for its $185 billion stablecoin USDT, which serves as the reserve currency for digital assets. Tether has encountered investor apprehension in its efforts to raise $15-20 billion at a $500 billion valuation, with concerns stemming from past regulatory issues including a $41 million fine in 2021 for misleading statements about reserves.

The audit could smooth the path for Tether's US expansion after launching a new dollar-pegged token compliant with federal regulations enacted last July. The company's leadership appointments and investments reflect its ambition to bridge traditional finance with cryptocurrency. Trust remains paramount as Tether seeks to meet global financial standards through this unprecedented audit process.