Tether, the issuer of the USDT stablecoin, announced on Aug. 13, 2026, that Big Four accounting firm KPMG U.S. issued an unqualified, clean opinion on Tether International’s financial statements for the year ended Dec. 31, 2025. It was the first full independent financial audit in Tether’s history, replacing the quarterly attestations the company previously relied on.
What KPMG verified
KPMG reported that Tether’s reserves exceeded its liabilities by $6.814 billion as of Dec. 31, 2025. The audit covered Tether’s full financial statements, including balance sheets, income statements and cash flows, and was completed in accordance with AICPA standards. KPMG physically counted and inspected every individual gold bar held by Tether instead of relying solely on custodian records.
Tether reported more than $10 billion in net profit for 2025. USDT held a market capitalization of roughly $183 billion, representing about 61% of the total stablecoin market. Tether says it serves more than 650 million users globally for savings, commerce, and remittances.
Transparency caveats
Tether has not published the actual financial statements, audit opinion letter, or underlying documents from KPMG. The audited reserve figure of $6.814 billion was $476 million higher than what Tether reported in its quarterly BDO attestation for the same date. By June 30, 2026, Tether’s equity buffer had dropped to $4.11 billion, down from an all-time high of $8.23 billion in March.
“For years, some detractors said an audit of Tether could not be completed. They said the Company refused to subject itself to the most rigorous scrutiny. We have once again proven them wrong.”
— Paolo Ardoino, CEO of Tether
