Summary
Tether said it completed its first full financial audit — a transparency measure promised for years amid scrutiny of the assets backing USDT. KPMG U.S. issued an unqualified opinion on Tether International's 2025 financial statements under US GAAP, showing reserves exceeded liabilities by $6.814 billion. The audit goes beyond Tether's prior quarterly attestations, testing transactions, systems, valuations, counterparties, ownership records, and even physically counting its gold bars.
Key Points
- First full financial audit completed; KPMG U.S. issued unqualified opinion on 2025 statements
- Statements showed reserves exceeded liabilities by $6.814 billion at end of 2025
- Audit covers year ended Dec 31, 2025; US GAAP
- KPMG examined transactions, systems, valuations, counterparties, ownership records; physically counted gold bars
- Beyond prior quarterly attestations (which check specific reserve data at a date)
- USDT market cap swelled to over $180 billion
- Tether has become a major buyer of US government debt for reserves
- CEO Paolo Ardoino: "For years, some detractors said an audit of Tether could not be completed"
- KPMG spokesperson confirmed unqualified opinion; no further comment (client confidentiality)
- Unclear whether Tether will share KPMG's findings
- Context: Tether settled a NY AG investigation years ago; recurring "Tether FUD" over backing
- Stakes heightened as US stablecoin regulation (GENIUS Act, Treasury rules) moves forward