Tether Clears First Full Financial Audit with KPMG

The audit, conducted under U.S. generally accepted accounting principles (GAAP), provides a granular look at the stablecoin issuer’s health. Unlike quarterly reports that focus on specific asset snapshots, KPMG’s work scrutinized the company’s entire balance sheet, income statements, and cash flow for the 2025 fiscal year. Auditors verified internal systems, asset valuations, and counterparty records to ensure the financial data fairly represented the company’s standing.

A central component of the verification involved a physical inspection of Tether’s gold holdings. Auditors personally counted and checked identifying information for every gold bar in custody, moving beyond the reliance on secondary reports. According to CFO Simon McWilliams, the $6.814 billion reserve cushion reported in the audit aligns with the company's prior public disclosures. CEO Paolo Ardoino emphasized that the process, which began in early 2025, involved a rigorous examination of the underlying evidence supporting the company’s assets and liabilities.

While this audit represents a milestone, it remains distinct from the ongoing regulatory requirements under the GENIUS Act signed in July 2025. As Tether operates primarily outside the U.S., the company faces a complex transition period for American market compliance that extends toward 2028. Tether intends to navigate these shifting requirements while continuing to support its USDT ecosystem, which serves an estimated 650 million users worldwide.