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NewsDigital Assets

Tether clears first full financial audit, KPMG certifies $6.8 billion reserve surplus

A clean audit opinion from KPMG on Tether's 2025 financial statements marks the stablecoin issuer's first ever full financial audit. The review found reserves exceeding liabilities by $6.8 billion. For USDT, this is the first clean opinion from a major accounting firm covering a complete annual period.

By Grant HalloranDigital Assets DeskAugust 14, 20262 min read
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Key takeaways

  • KPMG issued a clean audit opinion on Tether's 2025 financial statements, marking the stablecoin issuer's first ever full financial audit.
  • The audit found Tether's reserves exceeded its liabilities by a surplus of $6.8 billion.
  • This is USDT's first clean opinion from a major accounting firm covering a complete annual period, with no material misstatements identified.
  • Unlike a point-in-time attestation, the audit tested the records and processes behind the reserve figure across the full 2025 year.
  • The next confirmable developments are Tether's disclosure of the full audit report and the response from exchanges, custodians, and counterparties operating in USDT.

A clean audit opinion from KPMG on Tether's 2025 financial statements marks the stablecoin issuer's first ever full financial audit. The review found reserves exceeding liabilities by $6.8 billion. For USDT, this is the first clean opinion from a major accounting firm covering a complete annual period.

The number and what it represents

KPMG covered the full 2025 financial year and issued a clean opinion. No material misstatements were identified. The $6.8 billion reserve surplus, the gap between what Tether holds and what it owes, is the specific figure now on public record, established through audit-grade procedures rather than a point-in-time balance confirmation.

The distinction matters because scope differs. An attestation confirms a number at a moment in time. An audit tests the records and processes that produced that number across a full year. KPMG's engagement covered the latter.

That procedural gap has been the central objection to taking Tether's reserve disclosures at face value. The 2025 audit closes it for the period covered.

Setup and tape

The question now for USDT is whether a verified $6.8 billion surplus produces any observable repricing in how the token trades across venues. Cross-exchange USDT basis and funding rates on USDT-margined perpetual contracts are the market data points worth watching. A move that arrives without volume behind it is incomplete information.

The structural objection to USDT reserves is answered for 2025. Whether that shifts institutional positioning is a separate and forthcoming data point.

What to watch

The next confirmable developments are Tether's disclosure of the full audit report and the response from exchanges, custodians, and counterparties that operate in USDT. Stablecoin reserve transparency has become a threshold condition in several regulatory frameworks globally. The 2025 KPMG audit is the first documentation Tether has published that meets an audit standard rather than an attestation one.

Related reading

About this story

Filed by the digital assets desk of MarketPR on August 14, 2026. Source: cointelegraph.com. Indicative figures are not investment advice.

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Frequently asked

What did KPMG's audit of Tether find?

KPMG issued a clean opinion on Tether's 2025 financial statements with no material misstatements, finding reserves exceeded liabilities by $6.8 billion.

How is this audit different from Tether's previous disclosures?

Previous disclosures were attestations that confirm a number at a single point in time, whereas this audit tested the records and processes producing that number across the full 2025 year.

Why does the 2025 audit matter for USDT?

It answers the central objection to Tether's reserve disclosures for the period covered, providing the first documentation that meets an audit standard rather than an attestation one.

What market data points are worth watching following the audit?

Cross-exchange USDT basis and funding rates on USDT-margined perpetual contracts are the key data points to watch for any repricing in how the token trades.