Tether Clears First Full Audit With $6.8B Reserve Cushion Verified

Tether International has cleared its first full financial audit after years of scrutiny. KPMG U.S. issued an unqualified opinion on Tether's 2025 statements, which showed reserves exceeding liabilities by $6.81 billion at the end of last year.

The review covered over $184.6 billion in outstanding USDT tokens and tested transactions, systems, valuations, ownership records, and counterparty relationships across multiple financial statements. Auditors also counted and inspected each gold bar held by Tether, verifying identifying details during fieldwork rather than relying on paperwork from custodians.

Tether has not published the audited statements themselves, leaving reserve composition and accounting treatments outside public view. The token's underlying assets, including gold and Bitcoin, do not qualify under U.S. stablecoin rules, which restrict reserves to dollars, short-term Treasury bills, or comparable liquid assets.