Tether Secures Big Four Audit, Verifying $6.814 Billion Reserve Cushion

For over a decade, the $180 billion crypto market was plagued by uncertainty surrounding Tether's backing of its USDT stablecoin. The company had released quarterly 'attestations', which were snapshot reports verifying balance sheet figures on a single given day.

The long-awaited Big Four audit from KPMG U.S. has finally delivered an unqualified opinion on Tether's 2025 financial statements, signaling that the organization's financial records present fairly its actual financial condition under U.S. Generally Accepted Accounting Principles (GAAP).

KPMG conducted substantive testing across Tether's entire accounting infrastructure, including a physical inspection of reserve gold and verification of individual identifying serial numbers across more than 146 metric tons of precious metal.

The audit verified that as of December 31, 2025, Tether held $6.814 billion more in total assets than it owed in liabilities to token holders, confirming that USDT was fully backed with a substantial equity cushion.