Tether Completes First Major Audit of Finances Behind USDT Stablecoin

Tether Completes First Major Financial Audit

Tether, the issuer of the USDT stablecoin, has announced the completion of its long-anticipated first full financial audit, a significant measure to enhance transparency over the company’s financial practices.

Audit Findings by KPMG

The audit was conducted by KPMG U.S., one of the renowned “Big Four” accounting firms, which thoroughly evaluated Tether International’s financial statements for the year ended December 31, 2025. Tether reported that KPMG issued an unqualified opinion, implying that the financial statements accurately represented the company’s financial position and performance under U.S. generally accepted accounting principles.

According to Tether, the audit revealed that the company’s reserves exceeded its liabilities by $6.814 billion at the end of 2025.

Transition from Attestations to Audit

This full audit represents a significant advancement from the quarterly attestations that Tether has previously published. Attestations only verify specific data points, like the amount and composition of reserves at a specific time, while the new audit encompasses a comprehensive review of Tether’s transactions, assets, liabilities, and cash flows.

In March, Tether announced that it secured the services of a “Big Four” firm to conduct its first complete audit as part of a commitment to transparency. KPMG assessed various aspects of Tether’s operations, including transaction processes, system valuations, and gold asset verification.

Addressing Criticisms and Concerns

The completion of this audit addresses ongoing criticisms about Tether’s financial transparency and the backing of its USDT token, a crucial component in the crypto trading ecosystem. Detractors have often raised concerns regarding the lack of thorough audits for a company of Tether’s size, dubbing the public’s uncertainty as “Tether FUD”.

Tether’s market capitalization has grown significantly, surpassing $180 billion, while the company has positioned itself as a prominent buyer of U.S. government debt to bolster its reserve assets.

Statements from Leadership

CEO Paolo Ardoino commented on the audit results, indicating that skepticism regarding the completion of an audit had lingered for years, but with this outcome, Tether has fulfilled its commitment to improved accountability.