Tether says it completed long-promised 'Big Four' audit of finances behind $180 billion USDT stablecoin
Tether has completed a full financial audit by KPMG U.S. for the 2025 fiscal year, receiving an unqualified opinion on its financial statements. The audit confirms that Tether's reserves exceeded its liabilities by over $6.8 billion, marking a significant shift from its previous quarterly attestations.
Why it matters
This audit addresses long-standing criticisms regarding the transparency and backing of USDT, a critical component of global crypto market liquidity.
KPMG U.S., one of the “Big Four” accounting firms, audited Tether International's financial statements for the year ended Dec. 31, 2025 and issued an unqualified opinion, Tether said. That means the accounting firm found the statements fairly presented Tether's financial position, results and cash flows in all material respects under U.S. generally accepted accounting principles.
The statements showed Tether's reserves exceeded liabilities by $6.814 billion at the end of 2025, Tether said.
A KPMG U.S. spokesperson confirmed that the firm issued an unqualified opinion on Tether International’s financial for 2025, but has no further comment due to “client confidentiality.” CoinDesk has asked Tether whether it will share KPMG’s findings and has yet to receive a response.
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