Tether disclosed that it had completed its first independent full-year financial statement audit for the financial year ended 31 December 2025. The audit was performed by KPMG in the United States and was issued with an unqualified opinion, which means that the auditor considers that the financial statements present fairly, in material terms, the company ' s position.

Reserves over liabilities

According to corporate disclosures, the audit revealed that Tether had reserves at the end of 2025 that were higher than the liabilities of $68.14 billion. The audit also validated its $14.1 billion United States Treasury debt reserve and confirmed the existence of the related physical gold reserve.

It states that the auditors carried out an on-site verification and accounting of the gold bars held by Tether to confirm the authenticity of the assets. This was the first time that Tether had completed a full annual audit, different from the quarterly assurance that had been issued on a regular basis.

  • Reserve assets over liabilities: $6,814 million
  • US Treasury Reserve verified: $14.1 billion
  • Type of audit opinion: unqualified

Response to long-term reserve challenges

Tether has been receiving attention for many years from regulators, media and traditional financial markets around the adequacy of USDT reserves. In 2022, after the TerrausD wave, the market ' s examination of the quality of the stable currency reserves rose significantly, and USDT also briefly deviated from the dollar.

It was mentioned that outside concerns at the time focused mainly on asset allocation, such as commercial paper. Since then, Tether has adjusted its reserve structure to be dominated by United States Treasury bonds and has continued to issue quarterly assurance reports. The full audit was considered by the company as a centralized response to external challenges.

Connect to the US Stable Currency Rules

This finding also responds to the United States stabilization currency regulatory requirements. The report mentions that GENIUS Act requires a steady-currency issuer of more than $50 billion to conduct an annual financial audit before he can legally operate in the United States.

In the company ' s view, the completion of year-round independent audits would help to reduce the risk to counterparties and could also create conditions for follow-on institutional cooperation. The CEO of Tether, Paolo Ardoino, stated that the unqualified opinion was one of the highest-level conclusions that could be issued by an independent audit body.

However, the report also mentions that Tether still does not have access to part of the European market because it has not accepted the regulatory requirement to keep 60 per cent of its reserves in EU commercial banks. According to data, the current market value of USDT is about US$ 18,297 million and US$ 72,001 million.

Additional information:The data and presentation are mainly from Tether's unilateral disclosure and Coinpedia's organization, and the full audit report is not linked.