Tether, the largest stablecoin by market cap, USDT, has reportedly hired a Big Four accounting firm, KPMG, and PwC, to conduct its first full financial audit. The Financial Times reported that the firm is also preparing Tether’s internal systems. This follows a period of uncertainty for the company, which has been promising an audit since its launch in 2014. In 2022, the SEC charged Friedman LLP for improper auditing of two public companies at the same time as it was auditing Tether, raising concerns about incomplete reports. Tether has previously relied on attestations from BDO Italia, which confirmed assets Tether claimed to hold were held. However, these attestations do not examine internal controls, governance, or valuation methodology behind complex or illiquid assets.