Tether
2026-08-14 06:40:41Tether secures its first KPMG audit, but questions over USDT transparency remain
Tether said KPMG U.S. has completed the first independent audit of the financial statements of Tether International, S.A. de C.V. for the year ended Dec. 31, 2025, issuing an unqualified opinion. The audit found that Tether’s reserve assets exceeded liabilities by $6.814 billion at the end of 2025, a milestone after years of scrutiny over the backing of USDT. The work covered the balance sheet, income statement, statement of changes in equity, and cash flows, and included physical inspection of the company’s gold bars as well as checks on transaction records, valuation, counterparties, systems, and evidence of ownership. Still, the development does not close the transparency debate. Tether has not released the full audit report, leaving open questions about disclosures, audit scope, related-party transactions, and the makeup of reserves. The report also comes as U.S. stablecoin regulation tightens under the GENIUS Act, even though the law’s audit requirements do not automatically apply to offshore issuers such as Tether. In that setting, the KPMG opinion strengthens Tether’s position, but it does not settle the broader issues around disclosure, reserve risk, or future compliance.