Tether Says KPMG U.S. Audited Its 2025 Financial Statements

Key Point

Tether said KPMG U.S. completed a full independent audit of its 2025 financial statements. Tether's chief financial officer said the audited statements showed reserves exceeded liabilities by $6.8 billion. Tether said the audit covered Tether International S.A. de CV on December 31, 2025. Tether said the audit was not made public. Tether said KPMG physically counted every gold bar held by the company.

Why it matters: Independent verification may reduce uncertainty about reserve backing and support confidence in stablecoin settlement.

Market Sentiment

Cautiously Bullish, Event-driven.

Reason: KPMG U.S. completed Tether's first full independent audit.

Similar Past Cases

During the March 2023 Silicon Valley Bank crisis, USDC and DAI temporarily lost their dollar pegs by 13% before rebounding after depositors received protection. (S&P Global). (spglobal.com) The earlier event involved direct reserve exposure and a market disruption, while Tether's audit is a transparency event.

Ripple Effect

Independent reserve verification may strengthen confidence in USDT as a settlement asset across crypto markets. If market participants view the audit as credible, stablecoin liquidity conditions could become more stable.

Opportunities & Risks

Opportunities: If Tether publishes the audit, then investors can use the disclosures to assess whether USDT reserve transparency has improved.

Risks: If reserve questions persist after the audit, then reducing reliance on a single stablecoin can limit concentration risk.