Tether says it completed long-promised 'Big Four' audit of finances behind $180 billion USDT stablecoin
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Tether announced it has completed its first full financial audit conducted by KPMG U.S., one of the Big Four accounting firms, covering the year ended December 31, 2025. The audit provided an unqualified opinion, confirming that Tether’s reserves exceeded liabilities by $6.814 billion. This represents a significant step beyond Tether’s previous quarterly attestations by including detailed testing of transactions, assets, systems, and a physical inspection of gold bars.
Why it matters
The audit addresses longstanding concerns about the reserves backing Tether’s USDT stablecoin, which is a major infrastructure element in crypto markets valued at over $180 billion. The move aims to bolster transparency and reduce systemic risk fears by verifying Tether's financial position more comprehensively. It also responds to repeated criticism and skepticism about Tether’s reserve backing, which had been a persistent source of market uncertainty.
Key context
Tether had previously provided quarterly attestations—limited checks of reserve amounts on specific dates—to satisfy regulatory and market scrutiny. The full financial audit, however, is a broader and more rigorous examination of the entire financial position and operations, including testing of transactions and physical verification of assets. The audit follows Tether’s settlement with the New York Attorney General’s office and a pledge to hire a Big Four auditor for a full audit, which it fulfilled with KPMG.
Key numbers and entities
Tether’s USDT stablecoin has a market capitalization exceeding $180 billion. KPMG U.S. audited the company’s 2025 financial statements, concluding reserves exceed liabilities by $6.814 billion. The Big Four accounting firms include KPMG, Deloitte, EY, and PwC. Paolo Ardoino is Tether’s CEO. The source did not include additional detailed financial figures.
What remains unclear
The source notes that CoinDesk requested access to KPMG’s detailed audit findings but had not received a response from Tether. Beyond the unqualified opinion and reserve surplus figure, no further specifics from the audit report have been publicly shared. The source does not flag other open questions explicitly.