Tether completes first full audit with KPMG; reserve surplus later narrows as gold prices slide
AI Market Summary
KPMG's clean audit opinion on Tether's 2025 balance sheet strengthens transparency around reserves, including physical verification of gold holdings, which is credibility-positive for stablecoin risk assessment. However, the reported 40% decline in the reserve surplus to $4.11B in Q2 2026 highlights sensitivity to spot gold declines, linking USDT's capital buffer to commodity volatility and potentially tightening perceived safety margins.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-1.36%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Tether said it has completed its first full audit with KPMG, after KPMG U.S. issued an unqualified opinion on the company's 2025 balance sheet. The audit confirmed a $6.81 billion reserve surplus and included a physical verification of Tether's gold holdings.
Tether's Q2 2026 reporting shows that surplus has since declined 40% to $4.11 billion, with the contraction largely attributed to a drop in spot gold prices.
