Tether, the company behind the USDT stablecoin, completed its first full financial audit for the year ended Dec. 31, 2025. KPMG U.S. a Big Four accounting firm, issued an unqualified opinion on Tether International’s financial statements, a major step advancing the company’s transparency.
An unqualified opinion from KPMG U.S. means the firm found Tether’s financial statements fairly presented its financial position, results and cash flows. This assessment adheres to U.S. generally accepted accounting principles (GAAP).
The audited statements show Tether’s reserves exceeded its liabilities by $6.814 billion at the close of 2025. This figure directly addresses longstanding questions about USDT’s backing.
This audit elevates scrutiny beyond Tether’s years of quarterly attestations. Attestations verify specific information, like reserve amounts at a given date. A full financial audit examines a company’s entire financial records.
KPMG examined Tether’s transactions, internal systems, asset valuations, counterparties and ownership records. Auditors physically counted and inspected Tether’s gold bars, verifying their existence and identification directly, not relying solely on custodian reports.
Tether CEO Paolo Ardoino addressed past skepticism, saying, “For years, some detractors said an audit of Tether could not be completed.” The company repeatedly promised a full audit as concerns persisted.
Concerns about USDT’s stability and backing, often labeled "Tether FUD," repeatedly surfaced. Critics viewed this as a potential systemic risk for digital assets, given USDT’s role as key infrastructure for crypto trading.
USDT’s market capitalization now exceeds $180 billion, highlighting its importance in the crypto ecosystem. Tether also buys significant U.S. government debt as a reserve asset.
Despite the audit’s completion, Tether has not shared KPMG’s full findings. This leaves some market participants awaiting the detailed report from the accounting firm.
