Tether's First Full KPMG Audit Shows $6.814B Reserve Surplus; Company Outlines AI Push

KPMG has completed the first full independent audit of Tether International's financial statements, issuing an unqualified opinion and confirming the adequacy of the company's backing. The audit, conducted by KPMG US, found that Tether's reserves exceeded its liabilities by $6.814 billion as of December 31, 2025, supporting roughly $183 billion of USDT in circulation. A key element of the audit involved a physical inspection of Tether's gold holdings. KPMG teams counted and verified more than 146 metric tons of gold bars stored in a Swiss vault, validating the bars that underpin the company's gold-pegged token. The report marks a step-change from prior assurance work. Earlier attestations by BDO did not constitute a full Big Four audit; BDO's latest attestation, covering the period through June 30, 2026, showed a $4.11 billion reserve buffer. CEO Paolo Ardoino called the KPMG audit a "defining moment" for Tether, noting that no stablecoin issuer of comparable scale has previously undergone and passed a full independent audit by a globally recognized accounting firm. He described the gold verification process as a heavy operational lift. Beyond stablecoins, Tether is investing in a decentralized AI initiative called QVAC, built for local, on-device execution without dependence on centralized cloud providers such as AWS or Azure. The company said its AI spending, including a $1 billion commitment to Northern Data, will be funded from operating profits rather than customer reserves. Tether also cited expansion into sustainable energy and data solutions. In the broader stablecoin market, Circle's USDC has long emphasized compliance and transparency as differentiators. With Big Four validation now in play, competition may shift toward product utility and distribution. Tether's $6.814 billion surplus strengthens its buffer for periods of market stress, when redemptions typically rise and confidence becomes paramount. At the same time, the company's $1 billion Northern Data commitment underscores ambition in AI infrastructure, an area where investment timelines and measurable impact can diverge significantly.