Tether International, the company behind the stablecoin USDT, announced it had completed its first full financial audit by KPMG U.S., which issued an unqualified opinion on its 2025 financial statements. The audit revealed reserves exceeded liabilities by $6.814 billion, though KPMG declined further comment due to client confidentiality.
The audit marks a significant development for Tether, which has long faced scrutiny over the transparency of its reserves. The unqualified opinion from KPMG suggests a level of compliance with accounting standards, though the firm has not disclosed specifics of its findings.
Tether’s announcement follows years of regulatory pressure, including a 2022 investigation by the New York Attorney General’s office that led to the company’s agreement to provide quarterly attestations. These attestations were a response to concerns over the stability of USDT and its potential systemic risks.
Despite the audit’s findings, questions remain about the nature and liquidity of the assets backing Tether’s reserves. Analysts note that while the $6.814 billion surplus may alleviate some doubts, the lack of detailed disclosure leaves room for skepticism.
CoinDesk has yet to receive a response from Tether regarding whether it will share further details of the audit. The absence of transparency continues to fuel debates about the role of stablecoins in the broader financial system.
Written by Steven Cook
Regulation Desk
