Tether Completes Long-Awaited Audit of USDT Reserves

Tether has announced the completion of its long-anticipated financial audit, a crucial step as it seeks to address ongoing scrutiny regarding the reserves backing its USDT stablecoin, which is valued at $180 billion.

KPMG U.S. Conducted Comprehensive Audit of Tether's Financials

In a statement, Tether revealed that KPMG U.S., one of the leading "Big Four" accounting firms, conducted an extensive audit of Tether International's financial statements for the fiscal year ending December 31, 2025. The audit resulted in an unqualified opinion, indicating that the financial statements accurately reflect the company's financial condition, performance, and cash flows in accordance with U.S. generally accepted accounting principles.

The audit disclosed that Tether's reserves surpassed its liabilities by $6.814 billion as of the end of 2025. CoinDesk has reached out to Tether for further details on KPMG's findings but has yet to receive a response.

This audit marks a significant upgrade from Tether's previous quarterly attestations, which merely verified specific data points, such as the amount and composition of its reserves. In contrast, a full financial audit encompasses a thorough examination of transactions, assets, liabilities, income, cash flows, and the supporting evidence for these figures.

Earlier this year, Tether announced the hiring of a "Big Four" firm for a complete audit, which has been a point of contention for years as critics questioned why a company of its scale had not undergone more rigorous scrutiny typical of large financial institutions.

KPMG's audit included a detailed review of Tether's transactions, systems, valuations, counterparties, and ownership records, and even involved a physical inspection of the company's gold assets. This level of examination aims to alleviate fears regarding the stability and backing of its USDT token, which is a vital component of the cryptocurrency trading ecosystem.

Concerns about the reliability of USDT have been prevalent, often referred to in crypto circles as "Tether FUD" (Fear, Uncertainty, Doubt). These worries have grown more pronounced as USDT's market capitalization expanded beyond $180 billion, with Tether also becoming a significant purchaser of U.S. government debt as part of its reserve strategy.

CEO Paolo Ardoino commented on the audit's completion, stating, "For years, some detractors said an audit of Tether could not be completed."