Tether, the issuer of the USDT stablecoin, has long been dinged for questions about the reserves backing its digital dollar, the leading digital asset in the stablecoin sector. Today, Tether shared that KPMG US has issued a positive opinion on the firm following a complete audit. The actual opinion letter was not immediately available.
According to Tether, the audit examined its complete financial statements, including its assets, liabilities, income, equity, and cash flows, as well as the transactions, systems, valuations, and supporting evidence underlying them. KPMG also reportedly physically counted and inspected every individual gold bar held by Tether, and the audited statements confirmed that reserves exceeded liabilities by $6.814 billion at year-end.
Tether had previously provided quarterly reserve attestations designed to demonstrate its reserves and resilience.
Paolo Ardoino, CEO of Tether, said the audit was a defining moment for the stablecoin industry, adding that they have now proven their detractors wrong.
“They said the company refused to subject itself to the most rigorous scrutiny. We have once again proven them wrong. Completing our financial statement audit sets a new standard for the industry and reflects the leadership we’ve brought to this market from the start,” said Ardoino.
Simon McWilliams, Chief Financial Officer of Tether, said it was a landmark moment for the firm and a milestone for its commitment to transparency.
Ardoino added that Tether has evolved from a stablecoin issuer into one of the most financially sophisticated private companies in the world.
“This audit demonstrates that our financial infrastructure and governance have evolved alongside that responsibility. Today, more than 650 million users across all emerging markets continue to rely on Tether daily, choosing USD₮ as their currency, for their life savings, for their commerce, for the future of their children. These are people who have been left behind by the traditional financial system, and they trust our Company to remain resilient amidst all the global uncertainty that plagues the world – the proof of that stability is no longer just a Tether promise; it’s a signed opinion.”
Recently, Tether reported a $1.5 billion net operating profit for the three months ending June 30, 2026.
Supported by the advent of the GENIUS Act, US legislation that established rules for “payment stablecoins,” this sector of digital assets has risen from an on/off ramp for crypto trading to modern payment and transfer rails for moving value globally. Digital dollars are expected to boost demand for US Treasuries while reinforcing the dollar as the world’s currency. The framework also helps to provide guidance for other assets, such as gold, as the public becomes comfortable with the digital representation of fiat currency and commodities.
The current market cap of USDT is around $183 billion. Its nearest competitor, Circle’s USDC, has a market cap of around $72 billion.
Stablecoin usage is growing quickly as more of traditional finance embraces the technology and other institutions, such as banks, seek to issue their own digital money.