Tether Lands First Big Four Audit, But Transparency Concerns Linger

Tether International, S.A. de C.V., the company behind the world's largest stablecoin USDT, has completed its first Big Four audit with KPMG U.S. issuing an unqualified opinion on its 2025 financial statements.

The audit, conducted under AICPA standards and U.S. GAAP, confirmed that as of December 31, 2025, reserves backing roughly $180 billion in USDT exceeded liabilities by $6.814 billion.

KPMG physically counted and inspected every gold bar held by the company and tested transactions, systems, valuations, counterparties, and ownership records.

Tether CEO Paolo Ardoino said 'For years, some detractors said an audit of Tether could not be completed. We have once again proven them wrong.'