Tether Clears Audit Hurdle with KPMG Opinion

Tether International, S.A. de C.V., the company behind the world's largest stablecoin USDT, has completed its first audit by a Big Four accounting firm, KPMG U.S. The audit confirmed that as of December 31, 2025, reserves backing roughly $180 billion in USDT exceeded liabilities by $6.814 billion.

KPMG physically counted and inspected every gold bar held by Tether, and tested transactions, systems, valuations, counterparties, and ownership records. This milestone addresses a long-standing question about why an entity managing a $180 billion liability had never undergone a full financial audit.

Tether CEO Paolo Ardoino said, 'For years, some detractors said an audit of Tether could not be completed.' We have once again proven them wrong. Completing our financial statement audit sets a new standard for the industry and reflects the leadership we have brought to this market from the start.'

The audit closes one chapter in the company's history but opens another: whether the market will treat a clean opinion on year-end 2025 figures, released without the underlying financial statements, as sufficient institutional validation when the next set of quarterly numbers tells a materially different story about reserve adequacy.