Stablecoin issuer Tether says KPMG US has audited its 2025 statements

• KPMG US audited Tether International S.A. de CV's financials as of December 31, 2025, showing reserves exceeded liabilities by $6.8 billion
• Tether has issued approximately $183 billion in dollar-pegged crypto tokens, claiming to hold matching dollar-denominated assets including U.S. Treasuries
• The audit included physical counting of gold bars and examination of transactions, systems, and ownership records, complementing Tether's existing quarterly reserve reporting

Summary

Key Development:

Tether, the issuer of the world's largest stablecoin, announced that KPMG U.S. has completed its first "full independent audit" of the company's financial statements. The audit, which has not been publicly released, covers Tether International S.A. de CV as of December 31, 2025.

Critical Figures:

• Tether's audited reserves exceeded liabilities by $6.8 billion
• The company has approximately $183 billion in crypto tokens pegged to the U.S. dollar in circulation
• KPMG physically verified Tether's gold bar holdings as part of the audit process

Context:

The El Salvador-based company has promised to obtain a formal audit for years amid increased regulatory scrutiny of cryptocurrency firms. Previously, Tether only published "attestations" from BDO Italia rather than full audits. This move represents a significant step toward transparency in the stablecoin sector.

Business Model:

Tether maintains dollar-denominated assets, including U.S. Treasuries, to back its tokens on a 1:1 basis. The audit examined transactions, systems, ownership records, valuations, counterparties, and underlying financial evidence.

Market Implications:

This audit could boost confidence in stablecoins, particularly as the crypto industry faces heightened regulatory oversight globally. As the dominant stablecoin issuer, Tether's enhanced transparency may set new industry standards and potentially reduce concerns about reserve adequacy that have historically plagued the sector. The audit complements Tether's existing quarterly reserve reporting framework.

KPMG U.S. has not yet publicly commented on the engagement.