Tether Launches First Full USDT Audit
USDT, issued by Tether and pegged one-to-one to the U.S. dollar, had about $184 billion in circulation at the time of the event. It was the world’s largest stablecoin and a major source of liquidity for cryptocurrency trading and cross-border settlement. Since 2022, Tether has provided only quarterly reserve attestations from BDO Italia and has never completed a full audit of its financial statements, fueling longstanding market concerns about whether its reserves are sufficient and how it manages risk.
Tether announced on March 24, 2026, that it had formally appointed a Big Four accounting firm. The Financial Times reported on March 27 that KPMG would lead the audit, while Tether also hired PwC to help prepare its internal controls, systems and financial-reporting processes. The audit will cover assets, liabilities and USDT reserves, but no completion or report-delivery date has been announced.
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The history behind this eventTether Secures Clean KPMG Opinion in First Full Audit
USDT is the world’s largest dollar-pegged stablecoin, with about $180 billion in circulation, and serves as a key settlement asset for crypto trading, payments and cross-border transfers. Tether had previously published quarterly reserve attestations, which test balances at a specified date but do not examine a full set of financial statements over a reporting period. The absence of a comprehensive audit had fueled longstanding questions about the quality, ownership and valuation of reserves backing USDT, as well as counterparty and systemic risks.
Tether said on Aug. 13, 2026, that KPMG U.S. issued an unqualified opinion on its financial statements for the year ended Dec. 31, 2025, its first full audit. The accounts showed reserves exceeded liabilities by $6.814 billion and net profit topped $10 billion. KPMG’s work covered the balance sheet, operations, cash flows, asset ownership, valuation and counterparties. Auditors also visited a vault to physically inspect and count Tether’s gold bars rather than relying only on custodian records.
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