Tether completes first full financial audit, receives clean KPMG opinion
RWA Signal Insight
StablecoinsTether has achieved a significant milestone by completing its first full independent financial audit for the 2025 fiscal year, receiving an unqualified opinion from KPMG US. This audit confirms that Tether’s reserves exceeded its liabilities by $6.814 billion as of December 31, 2025. Unlike previous quarterly attestations, this comprehensive examination verified the company’s balance sheet, income statements, and cash flows, including physical inspection of gold holdings. The audit provides increased transparency for the issuer of USDT, which currently holds a $183 billion market capitalization and dominates 61% of the stablecoin sector. Tether’s financial strength is bolstered by substantial income from U.S. Treasury holdings and repurchase agreements, which contributed to over $10 billion in net profit during 2025. Beyond its core stablecoin business, the company is actively expanding into RWA sectors, including its Tether Gold (XAUt) product, which is currently the largest tokenized commodity with $2.7 billion in value. This audit marks a shift toward higher institutional-grade reporting standards, which is critical for the broader adoption and credibility of stablecoins and tokenized assets within the global financial ecosystem.
Key points
- KPMG US issued an unqualified audit opinion on Tether’s 2025 financial statements.
- Tether reported reserves exceeding liabilities by $6.814 billion as of year-end 2025.
- USDT market capitalization reached $183 billion, representing 61% of the total stablecoin market.
- Tether Gold (XAUt) maintains its position as the largest tokenized commodity with $2.7 billion value.
Background
Tether is the issuer of USDT, the world's largest stablecoin, which is designed to maintain a 1:1 peg with the U.S. dollar. The company manages a massive reserve portfolio primarily composed of U.S. Treasury bills, cash, and gold to back its circulating tokens. These reserves allow users to utilize stablecoins as a bridge between traditional fiat currency and blockchain-based digital assets.