Tether Completes First Full Financial Audit to Set New Stablecoin Standards

KPMG U.S., one of the Big Four accounting firms, delivered an unqualified opinion on Tether International's financial statements under U.S. generally accepted accounting principles. The audited balance sheet shows reserves exceeding liabilities by $6.814 billion against an outstanding USDT supply above $180 billion. CEO Paolo Ardoino framed the milestone in direct terms: "For years, some detractors said an audit of Tether could not be completed."

Audit mechanics

The KPMG engagement replaces the quarterly attestations Tether has published since settling an earlier investigation with the New York Attorney General's office. Attestation work tests specific data points, primarily reserve composition, at a single point in time. A full financial audit tests the underlying books: transactions, systems, valuations, counterparties, ownership records, and the supporting evidence for each line item. KPMG auditors physically counted and inspected gold bars held within the reserve portfolio. The methodology shift is structural and sets a new floor for stablecoin reporting across the sector.

Balance sheet anchors and unresolved items

• Reporting period: fiscal year ended December 31, 2025
• Reserve surplus over liabilities: $6.814 billion
• USDT market capitalization: above $180 billion
• Reserve composition includes U.S. Treasury debt and physical gold
• Auditor: KPMG U.S., unqualified opinion issued
• Standard applied: U.S. GAAP

CoinDesk requested KPMG's complete findings from Tether and had received no response at the time of the report. Tether has not confirmed public release of the audit report itself. The unqualified opinion represents the highest assurance level available under U.S. GAAP for a financial statement audit. Tether announced the hiring of a Big Four firm in March; the gap between that announcement and the completed opinion spans several months. Tether remains a major buyer of U.S. government debt for reserve assets, a position that links stablecoin liquidity directly to Treasury market structure.

Systemic read

USDT is the largest stablecoin by circulation. A Big Four audit removes one recurring friction point in USDT's credibility framework, commonly referenced in industry shorthand as "Tether FUD." Competing issuers now operate against a higher disclosure baseline. For treasuries, market makers, and DAOs holding USDT, the engagement reduces one specific category of counterparty uncertainty tied to reserve claims. It does not address redemption mechanics, settlement timing, or jurisdictional reach, which remain independent variables in the peg-stability equation. Items to track going forward: publication, or non-publication, of the full KPMG report, the cadence of subsequent attestations, and any shift in Tether's U.S. Treasury holdings as the Federal Reserve's balance sheet posture evolves.