Tether Completes First Independent Audit by KPMG

Tether, the issuer of USDT, the largest stablecoin with a turnover of $180 billion, has completed its first-ever full independent audit. Tether received a clean opinion from KPMG without any qualifications.

The company was previously accused of insufficient backing for its digital dollars. In 2021, Tether paid a $41 million fine for misleading users about its reserves.

Auditors reviewed the full balance sheet, profit and loss statement, and cash flow for 2025. It was found that reserves exceeded liabilities by $6.8 billion.

• KPMG physically counted every gold bar in Tether's vaults
• The review covered all financial metrics for the specified period

There is a nuance: the company did not publish the actual financial reports, showing the world only the auditor's verdict. The report covers the status as of December 31, 2025.

Transparency became the result of pressure from new US legislation. It requires stablecoin issuers with volumes exceeding $50 billion to undergo a full audit.