Tether Announces First Full Financial Audit With Unqualified KPMG Opinion

Tether, issuer of the world's largest stablecoin with a market capitalization of about $180 billion, said Thursday, 22 Mordad 1405 (August 13, 2026), that it has completed its first full financial audit, covering its 2025 financial statements. According to CoinDesk, KPMG U.S., one of the world's four largest accounting firms, issued an unqualified opinion, the best possible outcome, after the audit and said Tether's reserves exceeded its liabilities by $6.814 billion.

Tether said KPMG auditors physically examined transactions, systems, valuations, counterparties and ownership records, including a physical count of the company's gold bars. Tether had previously published only quarterly reserve "attestations" rather than a full audit. Tether CEO Paolo Ardoino said in a statement that for years some critics had said a full Tether audit could not be completed. Tether is a major buyer of US government debt to back its reserves, and USDT is widely used in Iran as a dollar proxy in crypto trading.