KPMG Delivers Clean Audit Opinion on Tether's 2025 Financials, Confirming $6.814B Reserve Surplus

Tether cleared a major transparency hurdle after KPMG U.S. issued an unqualified audit opinion on the 2025 financial statements of Tether International, S.A. de C.V., concluding the accounts "present fairly, in all material respects" under U.S. GAAP. The audit was performed in line with U.S. professional standards and AICPA requirements, and covered the full-year balance sheet, income statement, statement of changes in equity, and cash flow statement for the year ended Dec. 31, 2025—moving beyond the singledate reserve snapshots that have typically characterized stablecoin disclosures. What KPMG examined KPMG reviewed Tether's yearlong financial position, operating results, and cash flows. The firm tested support for specific balance-sheet items, assessed transactions, internal systems, valuation approaches, counterparties, and documentation, and verified ownership of assets. For Tether Gold (XAUT), auditors also carried out physical verification by counting each gold bar backing the token and checking identifying details, rather than relying only on custodian records. KPMG issued its opinion without qualifications, exceptions, or reservations—a standard "clean" audit outcome based on the evidence reviewed for 2025. Key figures and timing The audited statements show reserves exceeded token-related liabilities by $6.814 billion as of Dec. 31, 2025. Tether said the full audit process started in March 2026 after it brought in a Big Four firm for initial reviews, with KPMG later appointed as auditor. CFO Simon McWilliams, who joined in early 2025 to build out the finance function, led the effort. At the start of the audit process, Tether said USDT's market capitalization was above $184 billion with more than 550 million users. The company now reports over 650 million users, primarily in emerging markets. Post-audit updates: attestations and portfolio shifts Tether's subsequent disclosures reflect developments after the 2025 year-end covered by KPMG. For Q1 2026, Tether reported $191.8 billion in assets and $8.23 billion in excess reserves. In Q2 2026, a BDO attestation dated July 31 reported assets of $187.75 billion against liabilities of $183.64 billion, implying an excess buffer of about $4.11 billion. Tether also reported roughly $1.5 billion in Q2 net operating profit. USDT supply stood at about $184.6 billion at end-June, representing more than 60% of the global stablecoin market. The Q2 attestation also cited about 146.2 metric tons of physical gold and 98,933 BTC, alongside a reduction in secured lending exposure. On XAUT, Tether reported roughly 707,747 fine troy ounces backing the token as of March 31, 2026, up from about 520,000 ounces at end-2025; prior valuations placed Tether Gold bullion at more than $3.3 billion. Regulatory context and limits of an audit A U.S. GAAP audit provides investors and counterparties with a familiar accounting baseline, but a clean audit opinion does not by itself establish whether USDT complies with U.S. stablecoin law or satisfies requirements for U.S. exchange listings. The GENIUS Act, a federal stablecoin framework passed in July 2025, sets reserve, disclosure, and supervisory expectations, with many implementing rules still pending. Because USDT is issued by a non-U.S. entity, questions around foreign issuer obligations—including compliance with lawful freeze or seizure orders—can influence access to U.S. centralized exchanges. Some transition timelines extend into 2028, and Tether has said it intends to comply. Separately, Tether has launched USAT, a dollar-backed token designed for the U.S. market, issued by Anchorage Digital Bank with Cantor Fitzgerald serving as reserve custodian. Tether's view Tether called the engagement the largest inaugural financial audit in history and said KPMG's work extended beyond headline reserve figures to evaluate systems, transactions, and supporting evidence. Bottom line: KPMG's unqualified opinion is a meaningful transparency milestone for Tether and the broader stablecoin market, but it does not replace regulatory determinations or ongoing attestations. Tether's reserve position and asset mix have continued to evolve through 2026.