Tether Receives Clean Audit from KPMG, Silencing Critics

Tether, the issuer of the popular USDT stablecoin, has published the results of its first-ever full independent financial statement audit. The audit was conducted by KPMG U.S., one of the 'Big Four' accounting organizations in the world. The result is an 'unqualified opinion,' which essentially means a 'clean' audit in accounting.

The audit found that Tether's reserve assets exceeded its liabilities by $6.814 billion at the end of 2025. It also verified $141 billion in US Treasury reserves, making Tether one of the largest global holders of American government debt. The auditors physically inspected and counted every gold bar held by Tether to confirm their existence and authenticity.

Tether has faced years-long criticism and skepticism from regulators, journalists, and traditional finance regarding whether it actually holds the assets backing USDT. The company has restructured its treasury to be fully backed by US Treasury bills and provided regular quarterly attestations to its financial systems.

The audit is intended to silence critics regarding Tether's financial transparency. It also aligns with the GENIUS Act, which mandates that stablecoin issuers with over $50 billion in circulation conduct annual financial audits to legally operate in the US.