Tether completes first full financial audit, receives clean KPMG opinion
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Tether has completed its first full independent audit of its 2025 annual financial statements, with KPMG US issuing a clean, unqualified opinion. The audit verified Tether’s balance sheet, income statement, and cash flows, confirming reserves exceed liabilities by $6.814 billion. Unlike previous quarterly reserve attestations, this audit involved a thorough examination of financial evidence, including physical verification of gold holdings.
Why it matters
The full audit provides a higher level of financial transparency and independent verification of Tether’s assets and liabilities compared to prior quarterly attestations. The clean opinion from a major auditor like KPMG may impact market confidence in Tether’s financial position and the stability of its tokens, which dominate the stablecoin sector.
Key context
Tether launched its USDt (USDT) stablecoin in 2014 and is a leading player with a $183 billion market cap representing about 61% of the stablecoin market. Tether’s profits reached over $10 billion in 2025, with significant income from US Treasury holdings and repurchase agreements. The company has expanded beyond stablecoins into investments in Latin American fintech and crypto firms and boosted its tokenized gold reserves.
Key numbers and entities
KPMG US conducted the audit and issued a clean opinion. Tether’s reserves exceeded liabilities by $6.814 billion as of December 31, 2025. Tether reported $1.5 billion net operating profit in Q2 2025. USDT has a market cap of approximately $183 billion, holding about 61% of the stablecoin market, which totals $301 billion. Tokenized gold (XAUt) holdings rose 9.5% in Q2, valued around $2.7 billion. Investments include $20 million each in Ualá and Mercado Bitcoin and a $50 million round in Eight Sleep. CEO Paolo Ardoino stated in June 2025 that there are no plans to take Tether public.
What remains unclear
The source does not flag any open questions or limitations regarding the audit or Tether’s financial disclosures.