Tether Secures Clean Audit Opinion from KPMG on $6.8 Billion Reserve Excess

Tether, the issuer of the popular stablecoin USDT, has completed its first full independent financial audit. The audit, conducted by KPMG US, covered Tether's balance sheet, income statement, and cash flows for the year ended December 31, 2025.

The audit showed that Tether's reserves exceeded liabilities by $6.814 billion, a significant milestone for the company. Unlike previous quarterly reserve attestations, this full audit subjected Tether's broader financial statements to independent examination, including transactions, systems, ownership records, valuations, and counterparties.

KPMG physically inspected and counted Tether's gold holdings, verifying each bar rather than relying solely on custodian records. The auditor issued an unqualified opinion on the statements, finding that they fairly presented Tether's financial position, results, and cash flows in all material respects under US accounting standards.

Tether has grown significantly since launching its USDT stablecoin in 2014, generating over $10 billion in net profit in 2025. Its market capitalization stands at around $183 billion, accounting for about 61% of the total stablecoin market.