Tether Receives Unqualified KPMG Audit Opinion on 2025 Reserves
Tether announced Thursday that KPMG U.S. issued an unqualified audit opinion on its 2025 financial statements, marking the stablecoin issuer's first independent Big Four audit of the $180 billion USDT reserves. The audit reported a $6.814 billion reserve surplus and included physical verification of collateral holdings.
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Story Updates
- Updated Aug 13, 2026, 09:06 PM: Decrypt confirms KPMG clean opinion on Tether 2025 statements; no material changes to prior reporting.
- Updated Aug 13, 2026, 09:02 PM: Tether describes the KPMG engagement as its 'largest inaugural financial audit' in official announcement.
- Updated Aug 13, 2026, 09:01 PM: KPMG audit scope confirmed to include physical verification of gold and other collateral holdings.
First Full Audit From a Major Firm
Tether completed its first independent financial statement audit by a Big Four accounting firm, with KPMG U.S. issuing an unqualified opinion after reviewing Tether International's 2025 accounts. An unqualified opinion is the highest assurance level, indicating the auditor found no material misstatements or departures from accounting standards. Tether described the engagement as its "largest inaugural financial audit."
The scope included physical verification of collateral, with KPMG conducting on-site inspection of gold bars and other holdings. The auditor's procedures extended across Tether's reserve composition, collateral management processes, and redemption procedures for all stablecoin products on multiple blockchains. This milestone resolves a years-long credibility gap after Tether struggled to secure a major audit firm willing to take on the engagement.
Reserve Position and Collateral Verification
According to Tether's disclosure, KPMG identified $6.814 billion in reserve surplus — the amount by which Tether's assets exceed liabilities across all stablecoin products including USDT, EURT, and GOLD. The $180 billion in outstanding USDT represents the audit's scope in terms of liabilities reviewed.
KPMG's verification procedures included physical count and inspection of tangible collateral, distinguishing this engagement from prior attestation-only reviews. The physical verification of gold and other hard assets provides independent confirmation of holdings that had previously relied on custodian attestations alone.
Why It Matters
For Traders
Big Four audit with physical collateral verification may narrow bid-ask spreads on USDT pairs and reduce counterparty premiums versus competing stablecoins.
For Investors
Independent auditor count of tangible reserves materially reduces execution risk on Tether's $180 billion liability base and addresses a decade-old regulatory pressure point.
For Builders
DeFi protocols can now reference audited reserve backing for USDT liquidity pools; this raises the bar for competing stablecoin attestations.
This article is for information only and is not financial advice. Read the full disclaimer.
