Tether Completes First Full Financial Audit with KPMG

Tether, the issuer of the widely-held stablecoin USDT, has completed its first full financial audit. KPMG U.S., one of the largest and most respected accounting firms in the world, audited Tether International's financial statements for the year ended December 31, 2025, and issued an unqualified opinion.

This means that the statements fairly presented Tether's financial position, results, and cash flows under U.S. generally accepted accounting principles. According to Tether, reserves exceeded liabilities by $6.814 billion at the end of 2025.

The audit is a significant step in increasing transparency around USDT's backing, which has been a subject of scrutiny for years. Critics had long asked why a company of Tether's size had avoided this level of scrutiny, given its large market capitalization and influence on the crypto market.