Tether said it has completed a long-promised financial audit, engaging KPMG U.S. to examine its books and physically verify certain assets, including counting gold bars. The company behind the USDT stablecoin described the engagement as a milestone for transparency for the roughly $180 billion in tokens it says are in circulation.
Audit conducted by KPMG U.S.
According to Tether, KPMG U.S. reviewed the company’s financial records and performed on-site procedures that included counting gold bars as part of the audit process. KPMG is one of the world’s largest accounting firms. Tether did not immediately provide further details on the scope or findings beyond stating that the audit has been completed.
Why it matters
USDT is a U.S. dollar–pegged stablecoin widely used across crypto markets for trading, liquidity management, and transfers. Tether has faced sustained scrutiny over the transparency and composition of the reserves that back USDT and has long pledged to deliver a comprehensive audit. The involvement of a major audit firm and the reported completion of a full financial review mark a notable step in the company’s disclosure efforts.
About Tether and USDT
Tether issues USDT, a stablecoin designed to maintain a 1:1 value with the U.S. dollar. The company says approximately $180 billion worth of USDT is currently in circulation. Details on the audit report, including reserve breakdowns and any auditor conclusions, were not disclosed by the company at the time of the announcement.