Tether has completed its first full financial audit, with KPMG issuing a clean (unqualified) opinion on the company’s 2025 financial statements. The audit concluded that Tether’s reserves exceeded its liabilities by $6.8 billion.
Audit Findings
KPMG’s review of Tether’s 2025 financials determined that the company’s assets surpassed its outstanding liabilities by $6.8 billion. A clean, or unqualified, audit opinion indicates the auditor found the statements present a fair view of the company’s financial position in accordance with the applicable accounting standards.
Why It Matters
Tether issues USDT, the largest U.S. dollar–pegged stablecoin by market capitalization. Confidence in stablecoins relies on the adequacy and transparency of the reserves backing their tokens. Tether has historically published attestation reports; a full, independent financial audit represents a broader level of assurance and addresses a key point of market scrutiny.
Context on Tether and USDT
USDT is widely used across crypto markets for trading, remittances, and liquidity management, serving as a bridge between traditional currencies and digital assets. The reported surplus of reserves over liabilities provides additional clarity on Tether’s ability to meet redemptions at par.