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Tether gets its first Big Four audit, showing $6.814B reserve excess
The audit from KPMG shows reserves exceeding liabilities by $6.814 billion as of Dec. 31, 2025, after regulators previously challenged Tether’s reserve coverage.
Tether says KPMG issued an unqualified opinion on Tether International’s 2025 financial statements, marking the first full audit from a Big Four firm. In the audited numbers, Tether reports reserves exceeding liabilities by $6.814 billion as of Dec. 31, 2025, and the company says KPMG’s work included physically counting every gold bar in its reserves.
Tether also points to earlier regulatory disputes over reserves. In 2021, the U.S. Commodity Futures Trading Commission fined Tether $41 million after finding that during a 26-month sample period, Tether held sufficient fiat reserves to back USDT on only 27.6% of days, and the agency also faulted Tether for not completing professional audits it had said it would.
The company’s latest audit comes as U.S. stablecoin rules are taking shape. According to the FDIC’s proposed rule for large permitted stablecoin issuers, it would require prescribed reserve assets, reserve segregation, liquidity risk management, monthly public reserve disclosures, exams by registered accounting firms, weekly regulatory reporting, redemption planning, and annual audited financial statements for issuers with assets above $50 billion, among other items.
Tether’s filing notes that the proposed reserve-asset menu does not appear to include gold, even though it says it has been expanding its gold holdings as part of its reserve strategy. The article also describes a proposed definition of a “major redemption event” as requests exceeding 10% of outstanding issuance within 24 hours.
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