Tether, the issuer of the world's largest stablecoin, USDT, has completed its first full independent financial audit for fiscal year 2025, with KPMG U.S. issuing an unqualified opinion. The audit confirmed that Tether's reserves exceeded its liabilities by $6.814 billion.
This audit represents a crucial step for Tether to enhance transparency and build trust with regulators and the broader market, addressing long-standing concerns about the backing of its stablecoin.
Tether, the issuer of the USDT stablecoin, has completed its first full independent financial audit for fiscal year 2025, with KPMG U.S. issuing an unqualified opinion. The audit, which was not made public, marks a significant step for the company to reassure markets about its finances amid heightened global scrutiny of crypto firms. Unlike previous quarterly attestations, this audit examined Tether's transactions, systems, ownership records, valuations, counterparties, and underlying evidence. KPMG also physically counted Tether's gold holdings. Tether stated that its reserves exceeded its liabilities by $6.814 billion as of December 31, 2025, and described the audit as the largest inaugural financial audit in history. The company has previously published attestations from BDO Italia regarding its reserves and has expanded its business beyond stablecoins with investments in other sectors.