Tether received a "clean" audit opinion from KPMG: reserves exceed liabilities by $6.8 billion
The issuer of the largest stablecoin USDT, Tether, has reached a historic milestone in its operations. For the first time in the project's entire history, a full-scale financial audit was conducted, initiated by one of the world's leading audit firms — KPMG. The result was impeccable: the auditors issued a "clean" opinion, confirming the accuracy of the company's financial statements for 2025.
Details of the review and key indicators
The audit covered Tether International, S.A. de C.V. for the reporting period ending December 31, 2025. KPMG specialists conducted an in-depth analysis of transactions, ownership documents, asset valuations, internal systems, and counterparty data. They examined all sections of the balance sheet, the income statement, capital structure, and cash flows. Notably, the review was not limited to paperwork — the auditors personally counted and inspected all the gold bars held on the company's accounts.
According to the audit opinion, as of December 31, 2025, Tether's reserves exceeded its liabilities by $6.814 billion. This figure is significantly higher than in the last quarterly report, where the excess buffer stood at $4.11 billion. Tether CEO Paolo Ardoino called this audit "the largest primary financial audit in history" and emphasized that the KPMG opinion is the highest rating, meaning there were no findings or qualifications.
Auditor change and data discrepancies
The transition to a full audit resulted from a change in audit firm. Previously, Tether limited itself to publishing quarterly attestations from BDO, which were not a full audit. In March, the company announced a change of auditor, and the financial review was entrusted to KPMG. However, it is worth noting that nearly 20 months have passed since the audit date, and the financial picture may have changed during that time.
According to the BDO report dated July 31, excess reserves as of June 30, 2026, amounted to $4.11 billion — approximately 40% lower than the amount confirmed by KPMG. The capital buffer halved over the quarter, although Tether recorded net operating profit of about $1.5 billion. Such a discrepancy may indicate unrealized losses or withdrawals from other parts of the reserve. In particular, gold could be one of the reasons for the decline: its spot price fell by more than 20% after the January peak, and Tether holds part of its reserves in the precious metal and bitcoin.
Transparency and future challenges
Despite the "clean" opinion, questions remain that the audit does not resolve. The legal entity that was reviewed and the group for which attestation is provided do not match. Tether has not disclosed the financial statements themselves, which deprives external analysts of the ability to verify the figures and understand the accounting policies, reserve structure, and counterparty risks. The audit opinion also does not address the company's ability to fulfill redemption requests under stressed conditions.
USDT's market capitalization is approximately $183 billion, making it the third-largest crypto asset. The company has accomplished a task that critics called unattainable, but the real test is the next report and the publication of those very documents signed by KPMG.
My view: obtaining a "clean" audit from KPMG is a powerful signal for institutional investors who have long doubted Tether's reliability. However, the key issue remains transparency: without the publication of full financial statements and disclosure of reserve details, trust in the issuer will remain partial. The market needs not only opinions but also access to source data for independent analysis.