Tether finally got the audit critics demanded, just as Washington changed the test
Tether says KPMG issued an unqualified opinion on Tether International’s 2025 financial statements, its first full audit by a Big Four firm. The audited accounts show reserves exceeded liabilities by $6.814 billion at Dec. 31, 2025, and Tether says KPMG also physically counted its gold holdings. CEO Paolo Ardoino called it the strongest possible audit opinion and a sign of improved governance. The audit comes after years of scrutiny: the CFTC and New York attorney general previously fined/settled with Tether over reserve claims and lack of completed audits. The new GENIUS Act framework raises the bar further with reserve segregation, eligible reserve assets, liquidity planning, monthly disclosures, and annual audited statements for large issuers. Gold is not among the proposed eligible assets. Tether’s USDT remains dominant, with about $184.6 billion outstanding and more than 60% of the stablecoin market. The key question now is whether Tether can keep meeting audit and regulatory standards over time, not just once.
