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Tether completes first full financial audit by KPMG
Tether, the issuer of the USDT stablecoin, has completed its first full independent financial audit for the fiscal year ending December 31, 2025. The audit was conducted by KPMG U.S. and resulted in an unqualified opinion, which is the most favorable rating an auditor can provide, indicating that the company's financial statements fairly represent its position and cash flows.
According to Tether, the audit revealed that its reserves exceeded its liabilities by $6.814 billion at the end of 2025. The scope of the engagement was broader than previous quarterly reserve attestations, encompassing a review of assets, liabilities, transactions, internal systems, and ownership records. Notably, KPMG auditors performed physical inspections and counts of Tether's gold holdings to verify their existence.
The company also reported holding $141 billion in U.S. Treasury reserves. This milestone is intended to address long-standing industry skepticism and regulatory scrutiny regarding the transparency and adequacy of the assets backing USDT, which has a market capitalization exceeding $180 billion.
Entities
KPMG · KPMG U.S. · Paolo Ardoino · Simon McWilliams · Tether · Tether International, S. A. de C. V. · USDT
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] Tether holds $141 billion in U.S. Treasury reserves. coinpedia.org
- [● 10 SOURCES] KPMG U. S. issued an unqualified opinion on Tether International's 2025 financial statements. www.tokenpost.com · bitcoinethereumnews.com · www.cryptobreaking.com · news.bitcoin.com · www.cryptopolitan.com · +5 more
- [○ 1 SOURCE] The audit was conducted according to AICPA standards under U.S. GAAP rather than PCAOB standards. bitcoinethereumnews.com
- [● 7 SOURCES] Tether's reserves exceeded its liabilities by $6.814 billion as of December 31, 2025. www.tokenpost.com · bitcoinethereumnews.com · www.cryptobreaking.com · news.bitcoin.com · www.cryptopolitan.com · +2 more
- [● 4 SOURCES] The audit covered assets, liabilities, transactions, systems, and ownership records. www.tokenpost.com · www.cryptobreaking.com · news.bitcoin.com · assodigitale.it
- [● 7 SOURCES] KPMG auditors physically inspected and counted Tether's gold holdings to verify their existence. www.tokenpost.com · www.cryptobreaking.com · en.coin-turk.com · www.cryptopolitan.com · bitcoinmagazine.com · +2 more