KPMG Gives Tether's Reserves Clean Bill of Health
Tether has finalized its full audit by KPMG, marking a significant milestone for the stablecoin industry. The auditor gave a 'clean' opinion on Tether's 2025 financial statements, which is the most positive form of opinion an independent auditor can issue. This comes as a response to critics who had questioned the firm's management and authenticity of its reserves backing USDT.
The KPMG audit has shed light on Tether's reserve composition, showing that it has 77% of its reserves in U.S Treasury bonds and cash equivalents. However, this has also raised concerns about the remaining 23%, which is exposed to BTC and gold, deemed highly risky by critics.
Tether CEO Paolo Ardoino celebrated the audit result, saying 'This is a defining moment for the stablecoin industry. For years, some detractors said an audit of Tether could not be completed. They said the Company refused to subject itself to the most rigorous scrutiny. We have once again proven them wrong.'
However, critics still question the firm's ownership and claim that the audit is only for a subsidiary company called Tether International.