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

Tether International has cleared its first full audit, receiving an unqualified opinion from KPMG U.S. on its 2025 financial statements. The review verified that audited 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 issuer behind USDT, and applied to the year that ended December 31, 2025. KPMG auditors tested transactions, systems, valuations, ownership records, and counterparty relationships across the balance sheet, income statement, cash flow statement, and changes in equity.

The audit process verified identifying details for each gold bar held by Tether, rather than relying on paperwork supplied by custodians. Chief Executive Paolo Ardoino noted that critics had spent years insisting a review of this scale could never be finished.