USDT stablecoin issuer Tether has completed its first full independent financial audit conducted by a Big Four firm. According to Reuters, audit firm KPMG U.S. issued an unqualified audit opinion on the company’s 2025 financial statements.
For years, Tether faced regular criticism from regulators and investors for releasing only interim attestations rather than undergoing a thorough audit. Following KPMG’s review, the issuer’s net assets exceeded its liabilities to stablecoin holders by approximately $6.8 billion, with total USDT circulating supply at around $183 billion.
Reserve Verification and Physical Gold Audit
In an official statement, Tether said the audit covered transactions, asset valuation methods, counterparty contracts, and internal IT systems. To verify the reserve fund, KPMG auditors inspected legal title documents and performed a physical count of gold bullion in vaults.
KPMG representatives confirmed the issuance of an unqualified audit opinion—the highest form of assurance for financial reporting reliability. Detailed financial documentation will be released to the public in the near future.
