Tether's 2025 financials receive clean KPMG audit with $6.8 bln reserve surplus

Tether Holdings Ltd. on Friday said its 2025 financial statements received a clean audit opinion from KPMG, with reserves exceeding liabilities by $6.8 billion.

The audit covered all assets, liabilities, and equity as of Dec. 31, 2025, according to a company statement. KPMG issued an unqualified opinion, indicating no material misstatements were found in the financial reporting.

Tether, the issuer of the world’s largest stablecoin by market capitalization, has faced persistent scrutiny over its reserve composition and transparency. The company has previously published third-party attestations but this marks its first full financial audit, a milestone for the firm amid regulatory and market demands for greater accountability.

In the statement, Tether said the audit confirmed that its reserves exceeded liabilities by $6.8 billion as of the reporting date. The surplus reflects the difference between total assets held and outstanding obligations, including those related to its USDT stablecoin.

The clean opinion from KPMG, one of the Big Four accounting firms, follows years of calls from investors, regulators, and lawmakers for independent verification of Tether’s reserves. The company has taken steps to diversify its reserve holdings and disclose more granular asset breakdowns in recent years.

Tether did not disclose the composition of the $6.8 billion surplus in the statement. The company has historically held reserves primarily in cash, cash equivalents, and short-term securities, though its asset mix has evolved over time.

The audit results come as stablecoins face increasing regulatory scrutiny globally, with jurisdictions from the European Union to the United States advancing frameworks to enhance oversight of digital asset issuers. Tether’s completion of a full financial audit may bolster its credibility with institutional partners and regulators, though critics note that the audit does not guarantee the liquidity or quality of underlying assets.

Tether’s USDT stablecoin remains the dominant player in the $170 billion stablecoin market, with a daily trading volume exceeding $100 billion, according to industry data.