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KPMG
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End of the USDT "Black Box" Era? Tether Undergoes First Four Audits, $184 Billion Reserves Unveiled
Stablecoin giant Tether announced in August 2026 that it had completed its first full financial statement audit, conducted by KPMG U.S., one of the "Big Four" accounting firms, covering the fiscal year ended December 31, 2025. The audit received an "unqualified opinion," marking a significant step forward for Tether in terms of transparency, moving beyond its previous quarterly attestation reports. As of October 2026, USDT's market capitalization was approximately $184 billion, and the audit revealed that its reserve assets exceeded liabilities by $6.814 billion, with $141 billion held in U.S. Treasury bills.
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End of the USDT "Black Box" Era? Tether Undergoes First Four Audits, $184 Billion Reserves Unveiled
Stablecoin giant Tether announced in August 2026 that it had completed its first full financial statement audit, conducted by KPMG U.S., one of the "Big Four" accounting firms, covering the fiscal year ended December 31, 2025. The audit received an "unqualified opinion," marking a significant step forward for Tether in terms of transparency, moving beyond its previous quarterly attestation reports. As of October 2026, USDT's market capitalization was approximately $184 billion, and the audit revealed that its reserve assets exceeded liabilities by $6.814 billion, with $141 billion held in U.S. Treasury bills.
KPMG
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