KPMG Clears Tether Reserves: $6.8B Surplus Ends USDT Audit Skepticism

Woofun AI reports that Tether, the issuer of the dominant USDT stablecoin, has finalized its inaugural comprehensive financial audit, a move orchestrated to silence persistent doubts regarding the asset backing of its token. The engagement was executed by KPMG U.S., one of the prestigious 'Big Four' accounting firms, with CEO Paolo Ardoino highlighting the completion as a fulfillment of long-standing transparency pledges.

The audit covered the fiscal year ending Dec. 31, 2025, resulting in an unqualified opinion under U.S. generally accepted accounting principles. This designation indicates that the financial statements fairly presented the company's position, results, and cash flows in all material respects.

Woofun AI data shows the scope extended beyond standard attestations to include rigorous testing of transactions, systems, valuations, counterparties, and ownership records, with auditors even physically inspecting gold bars held as reserves.

Financial disclosures revealed that Tether's reserves exceeded liabilities by $6.814 billion at the close of 2025. This surplus underpins the stability of the $180 billion USDT market capitalization, which increasingly relies on U.S. government debt as a primary reserve asset held by Tether International. The clarity provided by this full audit contrasts sharply with the limited visibility offered by previous reporting mechanisms.

Historically, Tether relied on quarterly attestations following a settlement with the New York Attorney General's office, a practice that drew criticism for lacking the depth of a full audit. While the company announced in March that it had engaged a 'Big Four' firm—joining peers like Deloitte, EY, and PwC in the ranks of major global auditors—No immediate response was received regarding the public release of KPMG's detailed findings.

This resolution mitigates 'Tether FUD,' a recurring narrative that framed USDT's opacity as a systemic risk to crypto trading and broader markets. By achieving this standard of scrutiny, Tether addresses the core concerns of detractors who previously argued that such an audit was unattainable, thereby reinforcing the structural integrity of the world's largest stablecoin.