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Tether completes first unqualified full audit for 2025 financials
The audit, issued by KPMG U.S., showed Tether’s reserves exceeded liabilities by $6.814 billion at the end of 2025.
Tether, the issuer of the USDT stablecoin, has completed its first full independent financial audit after years of questions about the assets backing its tokens, according to Yahoo Finance. The company said KPMG U.S. issued an unqualified audit opinion for its financial statements for the year ended Dec. 31, 2025, which Tether described as the most positive type of auditor opinion.
Tether said KPMG examined its balance sheet, transactions, systems, valuations, counterparties, and ownership records. It also reported that auditors physically counted and inspected every gold bar held by Tether, rather than relying solely on custodian records.
The audited statements indicated that reserves exceeded liabilities by $6.814 billion at the end of 2025, meaning the financials were found to fairly present Tether’s position in all material respects, the outlet said. Tether CEO Paolo Ardoino said the audit addressed critics who argued a full audit could not be completed.
The audit comes weeks after Tether reported $1.5 billion in net operating profit for the second quarter of 2026, driven largely by returns from U.S. Treasurys and repurchase agreements. As of June 30, Tether reported $187.75 billion in assets versus $183.64 billion in liabilities, and it added 14 tons of physical gold during the quarter, bringing holdings to more than 146 tons.
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