Tether announced that KPMG completed the company's first full independent audit, examining its financial statements and reserves as of 31.12.2025.

The auditor found that reserves exceed liabilities by $6.8 billion, and noted that $180 billion of USDT remained in circulation at the reporting date.

Audit findings

KPMG reviewed the full balance sheet, profit and loss statement and cash flow for 2025, bringing external verification to previously opaque records.

The audit report, provided publicly as KPMG's opinion, reportedly did not include any qualifications or exceptions.

As part of reserve verification, KPMG performed a physical count of each gold bar held in Tether's designated vaults.

Statements and disclosures

Tether has not published the underlying financial statements; the market received only KPMG's unqualified opinion, while the company's detailed reports remain unavailable.

Background and regulation

The company previously faced questions about its reserves, paying a $41 million settlement in 2021 related to earlier transparency claims.

The audit follows a recent U.S. requirement that stablecoin issuers with assets above $50 billion undergo full independent audits.

The auditor's conclusions refer specifically to Tether's position as of 31.12.2025 and do not replace ongoing, periodic public disclosures by the issuer.