Tether Announces Completion of First Full Audit for $180 Billion USDT

Tether announced that it has completed its first full financial audit for USDT, which has reached a market capitalization of over $180 billion, with an unqualified opinion issued by KPMG U.S.

Tether, the company behind the world’s largest dollar-pegged cryptocurrency USDT, announced that it has fulfilled its long-standing promise of an audit. According to the company’s statement, KPMG U.S. examined the financial statements of Tether International for the year ended December 31, 2025.

KPMG U.S. issued an unqualified opinion, stating that the audit was conducted in accordance with U.S. generally accepted accounting principles (GAAP) and that the financial statements fairly present the company’s financial position, results, and cash flows in all material respects. However, KPMG’s full audit report has not yet been released to the public, and the information disclosed is based on Tether’s statement.

Tether reserves exceeded liabilities by $6.814 billion

According to the financial statements shared by Tether, the company’s reserves exceeded its liabilities by $6.814 billion. This result is at the heart of long-standing debates regarding the examination of the assets backing USDT, which has a market capitalization of over $180 billion.

The company previously issued regular quarterly attestation reports. While an attestation checks limited information such as the amount and structure of reserves on a specific date, a full financial audit examines transactions, assets, liabilities, income, cash flows, and supporting documentation more comprehensively.

It was stated that KPMG also examined Tether’s transactions, systems, valuations, business partners, and ownership records, and physically counted and inspected the company’s gold bars. This development signifies a transition from attestations to a full audit for Tether’s financial structure.