Tether Completes Annual Audit with KPMG U.S., but USDT Remain Unauthorized in EU

Tether, the issuer of the popular stablecoin USDT, announced on August 13, 2026, that it had completed its first full annual audit in history with KPMG U.S. The audit covered Tether's financial statements for the 2025 fiscal year and resulted in an unqualified audit opinion.

The audit found that Tether's reserves exceeded liabilities by $6.814 billion as of December 31, 2025. However, the announcement does not address the fact that USDT is no longer authorized for use on regulated exchanges in the EU, following the end of the transition period under the Markets in Crypto-Assets Regulation.

The audit only applies to Tether's financial statements up to December 31, 2025, and does not cover any events or transactions that may have occurred after that date. This means that while the audit provides some assurance about Tether's financial health at a specific point in time, it does not necessarily reflect the company's current situation.

For German investors, where USDT can be traded is determined by European authorization law rather than the quality of an audit. Regulation (EU) 2023/1114 defines an e-money token, such as USDT, and sets out requirements for who may offer such tokens in the EU.