Stablecoin giant Tether has announced that KPMG US completed a full independent audit of its 2025 financial statements. The firm received an unqualified opinion, marking its first complete annual audit after years of relying mainly on quarterly reserve reports.
The development addresses long-standing questions about transparency around the reserves backing its widely used dollar-pegged token.
The Drivers of This Activity
Tether revealed that KPMG examined the complete financial statements of Tether International for the year ended 31 December 2025. The review covered the full balance sheet, income statement, changes in equity and cash flows under US accounting standards.
According to the company, the audited figures show reserves exceeded related liabilities by roughly $6.8 billion at year-end. Auditors also went beyond standard document checks by physically inspecting and counting every gold bar held by Tether. The process included scrutiny of transactions, systems, ownership records, valuations and counterparties.
This moves past the limited quarterly attestations Tether has published for several years and fulfills a long-promised step toward greater external verification.
Impact and Broader Context
A clean Big Four audit strengthens Tether’s position as the largest stablecoin issuer and may ease concerns among regulators, institutions and users about the quality of its backing assets. At the same time, the company has not released the full audited statements publicly, leaving some details still unavailable for independent review.
The news fuels discussion about rising transparency expectations in the stablecoin sector and the difference between reserve attestations and a complete financial-statement audit. Supporters see it as meaningful progress. Others will wait for fuller disclosure and continued regular reporting before fully updating their assessments.
Market participants will monitor how the audit influences confidence in USDT and whether similar standards become more common across the industry. Further details or follow-up publications will help clarify the longer-term effect.
This overview is based on Tether’s public statements and contemporaneous reporting. All figures and conclusions remain subject to additional information.