Tether Clears First Full KPMG Audit, Gold Bars Counted by Hand

KPMG issues first clean audit opinion on Tether

KPMG U.S. issued an unqualified opinion on Tether International's financial statements for the year ended 31 December 2025. An unqualified opinion is the strongest verdict an external auditor can give. It confirms that the accounts present the company's financial position fairly in all material respects. Tether described the engagement as its first full financial statement audit by a Big Four firm. The company had for years published quarterly attestations, which review reserves at a single point in time rather than auditing full-year accounts. Chief Executive Paolo Ardoino said KPMG conducted a full audit in accordance with American Institute of Certified Public Accountants (AICPA) standards.

Reserves exceeded liabilities by $6.814 billion

The audited statements showed reserves exceeding liabilities by $6.814 billion at the close of 2025. That surplus sits on top of the assets that back USDT tokens in circulation. It represents a cushion above the value Tether owes to token holders. The company called the review the largest inaugural financial audit in history. The figure covers the full 2025 financial year. It is separate from the reserve levels Tether disclosed in its 2026 quarterly reports.

Auditors physically counted every Tether gold bar

KPMG examined the transactions, systems, valuations, counterparties and ownership records behind Tether's position on 31 December 2025. The auditors also physically counted and inspected every individual gold bar the company holds. They verified each bar's existence and identifying markings rather than relying on custodian reports alone. This hands-on check extended the audit beyond documents and account balances. Tether holds physical gold among the assets that support its tokens. The gold inspection formed part of the underlying evidence KPMG reviewed for the balance sheet.

Audit followed years of reserve scrutiny

The audit addresses long-running questions about whether Tether fully backs its stablecoin. Critics had argued for years that a complete audit of the company could not be done. Tether previously reached a settlement with the New York Attorney General's office over earlier reserve disclosures. Since then, the company has expanded its public reporting. The KPMG opinion now provides a full-year audit rather than a periodic attestation. Tether framed the milestone as a new quality standard for the digital asset economy.

USDT market value stays above $180 billion

USDT traded at $0.999 with a market capitalisation near $183 billion at the time of publication (CoinPaprika, 14 August 2026). That total keeps USDT the largest stablecoin and the third-ranked cryptocurrency by market value. Its circulating supply stood above 183 billion tokens (CoinPaprika, 14 August 2026). The scale of that supply explains why the audit drew close attention across the market. Each token is designed to hold a value of one US dollar.

Ardoino calls the result a new beginning

Paolo Ardoino presented the outcome as a turning point for the stablecoin sector. He pointed to the years of doubt that had surrounded the company's reserves. Ardoino said the audit marked a beginning rather than an end for Tether's transparency work.

"This is a defining moment for the stablecoin industry. For years, some detractors said an audit of Tether could not be completed.", 13 August 2026. — Paolo Ardoino, Chief Executive, Tether

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