Tether completes first full financial audit, receives clean KPMG opinion
Tether received its first full independent audit for the year ended Dec. 31, 2025, with KPMG US issuing an unqualified opinion on its financial statements. The audit covered the balance sheet, income statement, cash flows, and the assets and liabilities backing issued tokens. Tether said reserves exceeded liabilities by $6.814 billion. Unlike its usual quarterly reserve attestations, the audit examined broader evidence, including transactions, systems, ownership records, valuations, and counterparties. KPMG also physically inspected and counted Tether’s gold holdings. The result supports Tether’s claim that its finances were fairly presented under US accounting standards. USDT remains its core business and the dominant stablecoin, with a market cap of about $183 billion. Tether has also been expanding into tokenized gold and outside investments.
