Tether Completes First Independent Audit by KPMG U.S.

Tether, the issuer of the widely-used USDT stablecoin, has completed its first independent audit by KPMG U.S. The audit issued an unqualified opinion on Tether International's financial statements for 2025, indicating that the company's financial statements are presented fairly in all material respects in accordance with U.S. GAAP.

The audit covered not only aggregate figures but also the balance sheet, assets in reserves, liabilities related to issued tokens, the income statement, changes in equity, and cash flows. KPMG physically counted and inspected each gold bar held by Tether, rather than relying solely on reports from custodians or counterparties.

The audited financial statements recorded reserves exceeding liabilities by approximately $6.814 billion as of December 31, 2025. This milestone is significant for Tether because USDT serves as a critical liquidity layer for the digital asset market, widely used across exchanges, wallets, remittance activities, and emerging markets where users need access to the U.S. dollar.

The total stablecoin market cap was recently around $300 billion, with USDT hovering around $183 billion and accounting for nearly 59% market share. The results of this audit are attracting attention not only because they address a long-standing question about Tether but also because stablecoins are becoming payment and transaction infrastructure monitored more closely by regulators.