Tether Silences Critics with Historic KPMG Audit Resulting in 'Clean' Opinion

Tether, the issuer of the widely-used USDT stablecoin, has finally silenced its critics with the release of a historic full audit conducted by KPMG U.S. The audit, which covers the fiscal year ending December 31, 2025, resulted in an 'unqualified opinion,' or a clean audit, as defined by accounting standards.

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. Moreover, KPMG physically inspected and counted every gold bar held by Tether to confirm their existence and authenticity.

Tether has faced intense criticism and skepticism from regulators, journalists, and traditional finance regarding its backing for USDT. The company's previous treasury structure was criticized for being backed by commercial paper debt, which contributed to a brief depegging of USDT from the dollar in 2022 following the collapse of TerraUSD (UST) and other stablecoins.

The successful completion of this audit is a significant milestone for Tether, as it 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. This achievement also reduces counterparty risk and paves the way for meaningful institutional partnerships.