Tether Passes First Full Financial Audit With Clean Opinion From KPMG

Tether has completed its first full independent audit, with accounting firm KPMG US issuing a clean opinion on the stablecoin issuer’s 2025 financial statements. The audit examined Tether’s balance sheet, income statement and cash flows for the year ending December 31, 2025, and found that reserves exceeded liabilities by $6.814 billion.

Deeper Scope Than Previous Reports

Unlike Tether’s quarterly reserve attestations, which the company has published for years, this full audit went further by independently examining transactions, systems, ownership records, valuations and counterparties across the business. As part of the process, KPMG physically inspected and counted Tether’s gold holdings rather than relying only on custodian records. The firm issued an unqualified opinion, concluding the statements fairly represented Tether’s financial position under US accounting standards.

Company’s Financial Scale Keeps Growing

Tether launched its USDT stablecoin in 2014 and has since become one of the largest companies in the crypto industry, reporting more than $10 billion in net profit for 2025. In the second quarter of this year alone, the company posted $1.5 billion in net operating profit, driven largely by returns from US Treasury holdings and repurchase agreements.

USDT remains the backbone of Tether’s business, commanding roughly 61% of the $301 billion stablecoin market with a market capitalization near $183 billion, more than double its closest competitor, Circle’s USDC, according to DefiLlama data.

Expanding Beyond Stablecoins

Tether has used its profits to diversify, investing $20 million each in Argentine neobank Ualá and Brazilian crypto platform Mercado Bitcoin this year, while also leading a $50 million funding round for AI sleep technology company Eight Sleep. The company’s tokenized gold product, Tether Gold, saw its physical backing grow 9.5% in the second quarter and now holds around $2.7 billion in value, making it the largest tokenized commodity product on the market.

Despite this growth, Tether CEO Paolo Ardoino has shown no interest in taking the company public, stating last year that there was “no need to go public.”