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Tether Passes First-Ever Full Audit as KPMG Confirms $6.8B Surplus
30 Aug 2026, 13:30
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The Big Four firm's audit covered $184 billion in USDT backing and included a physical count confirming roughly 150 tons of gold among Tether's reserves.
<p>Tether has completed its first-ever full audit from a Big Four accounting firm, with KPMG issuing an unqualified opinion on Tether International's 2025 financial statements and confirming reserves exceeding liabilities by $6.814 billion as of December 31, 2025.</p>
<p>The distinction between an audit and the periodic attestations Tether has published in the past matters significantly to how seriously the crypto industry and outside observers treat the results. Attestations, which Tether has issued regularly for years, verify reserves exist at a specific point in time based on information management provides, while a full audit involves a much more rigorous, independent examination of financial statements and internal controls -- the standard traditional companies are held to, and one Tether had faced years of criticism for not undergoing despite its role as issuer of the largest stablecoin by circulating supply.</p>
<p>The audit's physical verification component drew particular attention: KPMG confirmed Tether holds approximately 150 tons of gold as part of its reserves, with every gold bar reportedly checked individually as part of the verification process -- a level of physical scrutiny well beyond what a typical financial attestation would involve. Separately, data from blockchain intelligence firm Arkham indicates Tether holds nearly $60 billion in Bitcoin within its broader reserve holdings, alongside the audited cash and cash-equivalent backing for its $184 billion in circulating USDT.
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<p>The audit's timing carries additional significance given evolving US regulatory requirements for stablecoin issuers, which now demand stricter reserve, liquidity, disclosure and annual audit standards for large issuers. Notably, the relevant US statute limits qualifying reserves to high-quality liquid assets and explicitly excludes both gold and Bitcoin from counting toward required backing -- meaning Tether's substantial gold and Bitcoin holdings, together accounting for roughly $24.6 billion of its mid-2026 reserves, sit outside the assets that regulators formally recognize as backing USDT under the new framework, even though KPMG's audit confirms those holdings exist.</p>
<p>For Tether, completing the long-demanded independent audit removes one of the most persistent criticisms leveled against the company throughout its history, even as the stricter regulatory reserve requirements now taking effect introduce a new set of compliance questions around how assets like gold and Bitcoin fit into the company's broader reserve strategy going forward.</p>
<p>The distinction between an audit and the periodic attestations Tether has published in the past matters significantly to how seriously the crypto industry and outside observers treat the results. Attestations, which Tether has issued regularly for years, verify reserves exist at a specific point in time based on information management provides, while a full audit involves a much more rigorous, independent examination of financial statements and internal controls -- the standard traditional companies are held to, and one Tether had faced years of criticism for not undergoing despite its role as issuer of the largest stablecoin by circulating supply.</p>
<p>The audit's physical verification component drew particular attention: KPMG confirmed Tether holds approximately 150 tons of gold as part of its reserves, with every gold bar reportedly checked individually as part of the verification process -- a level of physical scrutiny well beyond what a typical financial attestation would involve. Separately, data from blockchain intelligence firm Arkham indicates Tether holds nearly $60 billion in Bitcoin within its broader reserve holdings, alongside the audited cash and cash-equivalent backing for its $184 billion in circulating USDT.
</p>
<p>The audit's timing carries additional significance given evolving US regulatory requirements for stablecoin issuers, which now demand stricter reserve, liquidity, disclosure and annual audit standards for large issuers. Notably, the relevant US statute limits qualifying reserves to high-quality liquid assets and explicitly excludes both gold and Bitcoin from counting toward required backing -- meaning Tether's substantial gold and Bitcoin holdings, together accounting for roughly $24.6 billion of its mid-2026 reserves, sit outside the assets that regulators formally recognize as backing USDT under the new framework, even though KPMG's audit confirms those holdings exist.</p>
<p>For Tether, completing the long-demanded independent audit removes one of the most persistent criticisms leveled against the company throughout its history, even as the stricter regulatory reserve requirements now taking effect introduce a new set of compliance questions around how assets like gold and Bitcoin fit into the company's broader reserve strategy going forward.</p>