Tether has completed its long-awaited audit by KPMG U.S., confirming its reserves exceed liabilities by $6.814 billion as of December 2025.
Tether has completed a long-awaited financial audit, addressing ongoing concerns about the reserves supporting its USDT stablecoin, which holds a valuation of $180 billion.
KPMG U.S. Conducts In-Depth Financial Examination
The audit, performed by KPMG U.S., one of the top accounting firms, assessed Tether International's financial statements for the fiscal year ending December 31, 2025. It resulted in an unqualified opinion, confirming that the financial statements accurately represent the company’s financial health in accordance with U.S. generally accepted accounting principles.
As of the end of 2025, Tether's reserves exceeded its liabilities by $6.814 billion. Tether has not yet provided additional details regarding KPMG's findings.
This audit represents a significant advancement from prior quarterly attestations, which only confirmed specific data points about reserves. A full audit involves a comprehensive review of transactions, assets, liabilities, income, cash flows, and related supporting evidence.
Tether had previously announced the engagement of a major accounting firm for a complete audit, a move that has been debated for years amid criticism over the lack of thorough scrutiny typical for large financial entities.
KPMG’s audit included a detailed analysis of Tether's transactions, systems, valuations, counterparties, and ownership records, as well as a physical inspection of its gold assets. This rigorous examination is intended to reassure users about the stability and backing of the USDT token, which plays a crucial role in the cryptocurrency trading landscape.
Concerns regarding the reliability of USDT, often referred to as "Tether FUD" (Fear, Uncertainty, Doubt), have been prevalent, especially as its market capitalization has now exceeded $180 billion. Tether has also become a notable buyer of U.S. government debt as part of its reserve management strategy.
In response to the completion of the audit, CEO Paolo Ardoino remarked, "For years, some detractors said an audit of Tether could not be completed."
