Tether completed its first independent full-year audit, with KPMG issuing an unqualified opinion on the company’s 2025 financial statements. The audit confirmed reserves exceeded token-related liabilities by $6.814 billion as of December 31, 2025. KPMG examined every gold bar and verified documentation for the entire year. However, the reserve surplus has since declined from $8.23 billion to $4.11 billion by June 2026, according to a separate attestation. The audit marks a milestone for the stablecoin issuer, though it does not guarantee future performance or compliance with U.S. stablecoin regulations.
Tether completed the first independent audit of its annual financial statements. KPMG U.S. issued an unqualified opinion on the company’s 2025 accounts, showing reserves exceeded token-related liabilities by $6.814 billion on Dec. 31, 2025.
The audit included Tether International, S.A. de C.V., the entity that provides USDT. KPMG examined the balance sheet, income statement, and changes in equity and cash flow for the entire year.
According to KPMG, the accounts have been prepared fairly in accordance with GAAP in the USA. The unqualified opinion means there were no material facts requiring qualification, but it does not provide a warranty of future activity.
Auditors checked all bars of gold owned by Tether and each unique identification number. They did not rely solely on documentation from custodians or counterparties.
The process was more comprehensive than Tether’s quarterly attestations, which evaluate reserve numbers on a single reporting date. KPMG’s audit covered full accounts and documentation for the entire year.
The surplus of $6.814 billion reflects Tether’s status on December 31, 2025, not current funds. By June 30, 2026, according to BDO’s attestation, total assets were $187.75 billion and liabilities $183.64 billion, leaving excess reserves of $4.11 billion—down from $8.23 billion three months earlier.
In the second quarter of 2026, Tether announced around $1.5 billion in net operating profit. USDT supply stood at approximately $184.6 billion, representing over 60% of the global stablecoin market.
The audit comes as the U.S. implements the GENIUS Act, setting federal standards for payment stablecoins. An unqualified audit opinion does not indicate compliance with those requirements.
Tether said it would adhere to the new framework, though implementing rules are not yet finalized. The company also supports USAT, an independent token issued by Anchorage Digital Bank and kept in reserve by Cantor Fitzgerald.
