Tether completed its first full financial audit for the year ended Dec. 31, 2025, with KPMG U.S. issuing an unqualified opinion — the cleanest, top-grade audit result, meaning KPMG found no problems or reservations with the financials. The audit found that Tether International, S.A. de C.V.'s reserves exceeded its liabilities by $6.81 billion.
KPMG examined the company's complete financial statements, including the balance sheet, income statement, statement of changes in equity and cash flow statements. The audit was conducted under U.S. GAAP.
Each area underwent independent substantive testing. KPMG physically counted and inspected every individual gold bar held by Tether, verifying the existence and identifying information of each bar. An unqualified opinion is the highest level of assurance an auditor can provide, indicating the financial statements present fairly, in all material respects, the company's financial position.
Tether did not publicly release the full audit report, disclosing only KPMG's opinion and key findings.
USDT remains the largest stablecoin by market cap, currently above $110 billion, making it a central source of liquidity and collateral across DeFi protocols.
The audit comes as regulatory pressure on stablecoin issuers mounts. The GENIUS Act, signed in 2025, establishes a federal framework for payment stablecoin issuers with reserve requirements and mandatory audits. Tether has said the audit supports its goal of securing institutional partnerships.
