Tether · Bitcoin · Cointelegraph
Tether completes first full financial audit, receives clean KPMG opinion
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KPMG’s audit covered Tether’s 2025 financial statements and found its reserves exceeded liabilities by $6.8 billion.
Key facts
- Tether has used its profits to expand beyond stablecoins, investing $20 million each in Argentine neobank Ualá and Brazilian crypto platform Mercado Bitcoin this year, while leading a $50 million
- Tether launched its USDt (USDT) stablecoin in 2014 and has since grown into one of the crypto industry’s largest companies, generating more than $10 billion in net profit in 2025
- KPMG’s audit covered Tether’s 2025 financial statements and found its reserves exceeded liabilities by $6.8 billion
- Tether completed the first full independent audit of its annual financial statements, with KPMG US issuing a clean opinion on the stablecoin issuer’s 2025 accounts
Summary
Tether completed the first full independent audit of its annual financial statements, with KPMG US issuing a clean opinion on the stablecoin issuer’s 2025 accounts. The audit covered Tether’s balance sheet, income statement and cash flows for the year ended Dec. 31, 2025, including the assets backing its issued tokens and the liabilities they represent. Unlike Tether’s quarterly reserve attestations, which it has published for years, the full audit subjected the company’s broader financial statements and underlying evidence to independent examination, including transactions, systems, ownership records, valuations and counterparties. As part of the audit, KPMG physically inspected and counted Tether’s gold holdings, verifying each bar rather than relying solely on custodian records.