Tether Clears First Full Audit with $6.81B Reserve Cushion

Tether International, S.A. de C.V., the entity behind the USDT stablecoin, has finally released its first full financial statement audit. The review was conducted by KPMG U.S. and covered the year that ended December 31, 2025. According to the audit, Tether's reserves exceeded liabilities by $6.81 billion at the end of 2025.

The audit verified the company's gold and Bitcoin holdings, counting each gold bar and inspecting identifying details during fieldwork. The review covered transactions, systems, valuations, ownership records, and counterparty relationships across the balance sheet, income statement, cash flow statement, and changes in equity.

An unqualified opinion is the strongest conclusion an independent auditor can reach on a set of accounts, confirming how the statements are presented without endorsing the business or guaranteeing redemptions. However, Tether has not released the underlying financial statements, leaving reserve composition and accounting treatments outside public view.