Tether accomplished the primary full impartial audit of its annual monetary statements, with KPMG US issuing a clear opinion on the stablecoin issuer’s 2025 accounts.
The audit lined Tether’s steadiness sheet, revenue assertion and money flows for the yr ended Dec. 31, 2025, together with the property backing its issued tokens and the liabilities they symbolize. Tether stated the audited statements confirmed reserves exceeding liabilities by $6.814 billion.
Not like Tether’s quarterly reserve attestations, which it has revealed for years, the complete audit subjected the corporate’s broader monetary statements and underlying proof to impartial examination, together with transactions, techniques, possession information, valuations and counterparties.
Supply: Paolo Ardoino
As a part of the audit, KPMG bodily inspected and counted Tether’s gold holdings, verifying every bar slightly than relying solely on custodian information.
Tether stated KPMG issued an unqualified opinion on the statements, discovering they pretty offered the corporate’s monetary place, outcomes and money flows in all materials respects below US accounting requirements.
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Tether’s rising monetary footprint
Tether launched its USDt (USDT) stablecoin in 2014 and has since grown into one of many crypto business’s largest corporations, producing greater than $10 billion in web revenue in 2025. Within the second quarter of this yr, the corporate reported $1.5 billion in web working revenue, pushed largely by revenue from its US Treasury holdings and repurchase agreements.
USDT stays the corporate’s core enterprise and dominates the stablecoin market. Its roughly $183 billion market capitalization accounts for about 61% of the $301 billion market, greater than twice the roughly $72 billion held by its nearest rival, Circle’s USDC (USDC), based on DefiLlama.
Stablecoin market cap. Supply: DefiLlama
Tether has used its income to increase past stablecoins, investing $20 million every in Argentine neobank Ualá and Brazilian crypto platform Mercado Bitcoin this yr, whereas main a $50 million funding spherical for AI sleep expertise firm Eight Sleep.
The corporate has expanded its tokenized gold enterprise as nicely, with bodily reserves backing Tether Gold (XAUt) rising 9.5% within the second quarter. On the time of writing, XAUt is the most important tokenized commodity product, with round $2.7 billion in worth, based on information from RWA.xyz.
Regardless of the corporate’s development, Tether CEO Paolo Ardoino has proven little curiosity in taking it public. In June 2025, amid hypothesis over a possible Tether IPO, Ardoino wrote on X: “No must go public.”
Supply: Paolo Ardoino
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