Tether USDT Gets Largest Audit in History, But One Key Number Has Fallen 40%

KPMG U.S. has issued an unqualified opinion on Tether's 2025 financial statements, the first full audit in the stablecoin issuer's history.

The audited accounts show reserves exceeding liabilities by $6.814 billion as of Dec. 31, 2025. Tether's own most recent quarterly report puts that buffer at $4.11 billion.

What KPMG Actually Signed Off On

The audit covers Tether International, S.A. de C.V. for the year ended Dec. 31, 2025. An unqualified opinion is the strongest result an auditor can give, meaning no reservations or caveats.

KPMG tested transactions, ownership records, valuations, systems, and counterparties. Its work spanned the full balance sheet, the income statement, changes in equity, and cash flows.

Auditors also counted and inspected every gold bar the company holds, rather than relying on custodian reports.

Tether had spent years defending quarterly attestations from the accounting firm BDO rather than a full audit. It announced the engagement in March, and KPMG was named as its auditor soon after.

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