Tether's $6.8B Reserve Surplus
KPMG US issues unqualified audit opinion on Tether's 2025 financial statements, verifying reserves exceeded liabilities by $6.814 billion
Tether, the company behind the world's largest stablecoin USDT, has completed its first full independent financial audit with KPMG US issuing an unqualified opinion on its 2025 financial statements. The audit shows that Tether's reserves exceeded its liabilities by $6.814 billion at the end of 2025.
The audit is a significant step for Tether, which has faced scrutiny over its finances and reserve composition in the past. KPMG US physically counted and inspected every gold bar held by Tether, verifying the existence and identifying information of each bar.
Tether's reserve buffer has declined to $4.11 billion as of June 30, 2026, according to its BDO second-quarter attestation. However, the company has added 14 tons of physical gold during the second quarter of 2026, bringing its holdings to more than 146 tons, worth about $20.5 billion.
Tether reported $1.5 billion in net operating profit for the second quarter of 2026, driven largely by returns from US Treasurys and repurchase agreements. The company has also invested $20 million each in Argentine neobank Ualá and Brazilian crypto platform Mercado Bitcoin this year.
## What it means The completion of Tether's first full independent financial audit is a significant milestone for the company. The unqualified opinion from KPMG US verifies the accuracy of Tether's financial statements and provides transparency into its reserve composition. This is a major step forward for Tether, which has faced criticism in the past for its lack of transparency.
## Why it matters The audit is important because it provides assurance that Tether's financial statements are accurate and reliable. This is crucial for investors and users of USDT, who need to have confidence in the stability and security of the stablecoin. The audit also demonstrates Tether's commitment to transparency and accountability, which is essential for building trust in the crypto industry.
USDT remains the company's core business and dominates the stablecoin market, with a roughly $183 billion market capitalization. Tether generated more than $10 billion in net profit in 2025, and its growing financial footprint is a testament to the company's success.
