Stablecoin issuer Tether says KPMG US has audited its 2025 statements

El Salvador-based stablecoin issuer Tether announced on August 14 that KPMG U.S. has completed a "full independent audit" of its financial statements for the year ending December 31, 2025. This marks the first such audit conducted by the firm, according to Tether’s statement. The audit, which remains confidential, aims to provide greater transparency into the company’s financial health amid ongoing regulatory scrutiny. Tether, which operates under the name Tether International, S.A. de C.V., stated that the audit included a physical count of all gold bars held by the company. The findings revealed that Tether’s reserves exceeded its liabilities by $6.8 billion. This figure aligns with the company’s long-standing claim that it maintains dollar-denominated assets, such as U.S. Treasury securities, to back the value of its stablecoin, USDT. Tether has issued approximately $183 billion in crypto tokens pegged to the dollar. KPMG U.S. confirmed the audit took place, issuing an unqualified opinion in accordance with American Institute of Certified Public Accountants (AICPA) standards. A spokesperson for the firm noted that due to client confidentiality, no additional comments were available. Tether emphasized that the audit examined a wide range of factors, including transaction records, system integrity, ownership documentation, valuation methods, and counterparty relationships. This development follows years of speculation and controversy surrounding Tether’s reserves. In the past, the company relied on third-party attestations, such as those provided by BDO Italia, to validate its claims. However, these reports lacked the formal oversight of a complete audit. Tether’s chief financial officer highlighted the significance of the new audit, stating it provides a more robust verification process than previous measures. The audit comes at a critical juncture for Tether, which has faced increasing pressure from regulators and investors alike. Concerns over potential mismanagement of funds and lack of transparency have led to calls for stricter oversight. By engaging KPMG U.S., a major international accounting firm, the company appears to be taking steps toward meeting evolving regulatory expectations. Tether’s decision to undergo this audit reflects broader industry trends toward greater accountability within the cryptocurrency sector. As governments worldwide intensify their focus on digital asset regulation, firms like Tether must demonstrate compliance with established financial standards. The audit’s results will likely influence how Tether presents itself to stakeholders, particularly as it continues to navigate the complex landscape of decentralized finance. The physical counting of gold bars during the audit underscores Tether’s commitment to verifying its holdings. While the audit does not disclose specific details about the composition of reserves, it reinforces the company’s position that its assets are sufficient to support the volume of tokens in circulation. Tether’s website states that it holds dollar-denominated assets, including U.S. Treasuries, to ensure parity with the number of tokens issued. Moving forward, Tether is expected to continue publishing regular updates on its reserve status, building on the information disclosed through the recent audit. Investors and regulators will be watching closely to see whether this step leads to increased trust or further questions about the company’s financial practices. For now, the completion of the audit represents a notable milestone in Tether’s efforts to enhance transparency.