Key Takeaways
- KPMG U.S. conducted Tether International’s inaugural comprehensive financial audit for fiscal year ending December 31, 2025
- Audit results show reserves surpassing liabilities by $6.814 billion
- Auditors performed physical verification and counting of Tether’s gold bar holdings
- Marks Tether’s transition from quarterly attestations to complete financial audits
- USDT maintains $183 billion market capitalization, commanding approximately 61% of stablecoin market share
The company responsible for USDT stablecoin, Tether, has achieved a significant milestone by completing its inaugural comprehensive financial audit. The Big Four accounting firm KPMG U.S. conducted the examination and delivered an unqualified clean opinion regarding Tether’s financial statements for 2025.
The comprehensive review encompassed Tether’s balance sheet, profit and loss statement, and cash flow documentation for the twelve-month period concluding December 31, 2025. KPMG determined that the financial statements accurately represented the organization’s fiscal standing in accordance with United States generally accepted accounting principles.
According to the audited financial documentation, Tether’s reserve holdings exceeded its outstanding liabilities by $6.814 billion as of year-end.
Moving Beyond Limited Attestations
Historically, Tether relied on quarterly attestation reports instead of comprehensive audits. Attestations verify particular data points such as reserve quantities at specific moments. Comprehensive audits delve significantly deeper, scrutinizing transaction records, operational systems, third-party relationships, asset valuations, and ownership documentation.
KPMG conducted on-site physical verification and tallying of Tether’s gold bar inventory. The auditing team didn’t merely accept custodial documentation at face value.
This represents a significant shift from longstanding criticism. Despite being among the largest financial entities in cryptocurrency, Tether had previously avoided the type of independent scrutiny standard for organizations of comparable scale.
Chief Executive Paolo Ardoino responded to critics head-on. “For years, some detractors said an audit of Tether could not be completed,” he stated officially.
Expanding Market Dominance
Since its 2014 debut, USDT has evolved into the market-leading stablecoin. With a $183 billion market capitalization, it represents roughly 61% of the $301 billion aggregate stablecoin marketplace. Its primary rival, Circle’s USDC, maintains approximately $72 billion in market value.
Tether disclosed exceeding $10 billion in net earnings throughout 2025. During the second quarter of the current year, the company recorded $1.5 billion in net operating income, primarily generated from United States Treasury holdings and repurchase agreement returns.
The organization has diversified its operations beyond stablecoin issuance. It committed $20 million investments in both Argentine digital bank Ualá and Brazilian cryptocurrency exchange Mercado Bitcoin. Additionally, it spearheaded a $50 million investment round for artificial intelligence sleep technology firm Eight Sleep.
Tether Gold, the company’s tokenized precious metal offering, has experienced notable expansion. Physical gold reserves supporting this product increased 9.5% during the second quarter. It currently ranks as the premier tokenized commodity product globally, valued at approximately $2.7 billion.
As part of its reserve management approach, Tether has emerged as a substantial purchaser of United States government securities. This investment position has scaled proportionally with USDT’s market capitalization growth.
Notwithstanding its considerable size and profitability, Ardoino has indicated the organization has no intention of pursuing a public offering. In June 2025, he posted on X: “No need to go public.”
KPMG verified issuing an unqualified opinion regarding Tether’s 2025 financial statements but refused additional commentary, referencing client confidentiality obligations.
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