Tether Completes First Full Financial Audit as USDT Reserves Face Greater Scrutiny

Tether, the issuer of USDT, the world's largest stablecoin, has completed its first full financial audit, marking a major step in the company's long-running effort to address concerns about transparency and the assets backing its token.

KPMG U.S., one of the Big Four accounting firms, audited Tether International's financial statements for the year ending Dec. 31, 2025. According to Tether, KPMG issued an unqualified opinion, indicating that the financial statements fairly represented the company's financial position, operating results and cash flows in all material respects under U.S. generally accepted accounting principles.

Tether said its reserves exceeded liabilities by $6.814 billion at the end of 2025. The audit reportedly examined transactions, financial systems, asset valuations, counterparties and ownership records. KPMG auditors also physically inspected and counted Tether's gold holdings.

The full Tether audit represents a significant expansion from the quarterly reserve attestations the USDT issuer has released for years. While attestations generally verify specific financial information at a particular date, a comprehensive financial audit examines a wider range of company records, including assets, liabilities, transactions, revenue and cash flows.

Tether announced in March that it had hired a Big Four accounting firm to conduct its first complete audit. The group consists of KPMG, Deloitte, EY and PwC, which audit many major corporations worldwide.

The development comes after years of criticism over Tether's reliance on attestations rather than a full independent audit. Questions surrounding USDT reserves and the stablecoin's ability to maintain its dollar peg have periodically fueled concerns about potential risks to the broader cryptocurrency market.

Those concerns have become increasingly important as USDT's market capitalization has grown beyond $180 billion. Tether has also emerged as a significant buyer of U.S. government debt, which forms part of the assets supporting its stablecoin reserves.

“For years, some detractors said an audit of Tether could not be completed,” Tether CEO Paolo Ardoino said, presenting the completed audit as a milestone for the company.