Tether completes first KPMG audit

Tether International, the issuer of the world's largest stablecoin USDT, announced that KPMG U.S. issued an unqualified audit opinion on its 2025 financial statements. This is the first full financial statement audit in Tether's history. The audit, conducted under U.S. GAAP, found that Tether's reserves exceeded liabilities by $6.814 billion at year-end 2025. KPMG physically inspected and counted every gold bar held by Tether as part of the verification process. The audit follows years of scrutiny over Tether's reserves, including past fines from the CFTC and a settlement with the New Mexico — New Mexico Attorney General. Tether has published quarterly reserve attestations for years, but this full audit provides a more comprehensive examination. The company has grown significantly, with USDT market capitalization around $183 billion and over 650 million users. Tether has also expanded into other ventures, including investments in fintech companies and tokenized gold. The audit is seen as a milestone for Tether's credibility, though it does not guarantee future financial health or compliance with U.S. stablecoin regulations.