Tether Clears First Full Audit with $6.81B Reserve Cushion Verified

Tether has cleared its first full financial audit, receiving an unqualified opinion from KPMG U.S. on its 2025 statements. The review showed that Tether's reserves exceeded liabilities by $6.81 billion at the end of 2025, but this buffer had thinned to $4.11 billion by June 30.

The audit covered Tether International, S.A. de C.V., the entity behind the popular stablecoin USDT, and applied to the year that ended December 31, 2025. KPMG auditors tested transactions, systems, valuations, ownership records, and counterparty relationships across various financial statements.

The company's CEO, Paolo Ardoino, noted that critics had spent years insisting a review of this scale could never be finished. However, the audit has not yet been released to the public, leaving questions about the reserve composition and accounting treatments applied by Tether.