KPMG Delivers Unqualified Audit Opinion as Tether Undergoes First Complete Financial Review
The Big Four firm's comprehensive audit of Tether's 2025 financials revealed the stablecoin issuer's reserves surpassed its liabilities by $6.8 billion.
The stablecoin issuer Tether has successfully undergone its inaugural comprehensive independent financial audit, with KPMG US delivering an unqualified audit opinion on the company's 2025 financial records.
KPMG's examination encompassed Tether's complete balance sheet, statement of income, and cash flow statements for the fiscal year that concluded on Dec. 31, 2025, analyzing both the asset reserves supporting its token issuances and the corresponding liability obligations. According to Tether, the audited financial records demonstrated that its reserves surpassed its liabilities by $6.814 billion.
The comprehensive audit differs significantly from Tether's quarterly attestation reports on reserves, which the company has been releasing for several years. This full-scale audit put the company's complete financial statements and supporting documentation under rigorous independent scrutiny, encompassing transaction records, internal systems, proof of ownership, asset valuations, and third-party counterparty relationships.
During the audit process, KPMG conducted physical inspections and manual counts of Tether's gold reserves, examining each individual bar instead of depending exclusively on documentation from custodial partners.
According to Tether, KPMG provided an unqualified audit opinion on the financial statements, determining that they accurately represented the organization's financial standing, operational outcomes, and cash flow activities in all significant aspects in accordance with United States accounting principles.
Tether's growing financial footprint
The USDt (USDT) stablecoin was introduced by Tether in 2014, and the organization has subsequently evolved into one of the cryptocurrency sector's most prominent enterprises, producing over $10 billion in net profit during 2025. During the second quarter of the current year, the firm disclosed $1.5 billion in net operating profit, predominantly fueled by returns from its holdings in US Treasury securities and repurchase agreement activities.
USDT continues to serve as the organization's primary revenue generator and maintains a commanding position in the stablecoin marketplace. With an approximate market capitalization of $183 billion, it represents roughly 61% of the total $301 billion market, exceeding its closest competitor, Circle's USDC (USDC), which holds approximately $72 billion, by more than double, based on data from DefiLlama.
Leveraging its substantial profits, Tether has diversified its operations beyond the stablecoin sector, allocating $20 million investments in both Argentine digital banking platform Ualá and Brazilian cryptocurrency exchange Mercado Bitcoin during the current year, in addition to spearheading a $50 million investment round for artificial intelligence sleep technology startup Eight Sleep.
The organization has also scaled up its tokenized precious metals operations, with the physical gold reserves supporting Tether Gold (XAUt) increasing by 9.5% during the second quarter. As of this writing, XAUt holds the position of the leading tokenized commodity offering, representing approximately $2.7 billion in total value, based on information from RWA.xyz.
Notwithstanding the company's substantial expansion, Tether's CEO Paolo Ardoino has demonstrated minimal appetite for pursuing a public listing. During June 2025, when speculation emerged regarding a possible Tether initial public offering, Ardoino posted on X: "No need to go public."
