Tether received an unqualified opinion from KPMG U.S. on the financial statements of Tether International as of December 31, 2025, completing the first full financial statement audit in the company’s history. The audit shows $6.814 billion in reserves above liabilities, which is $476 million higher than the quarterly attestation from BDO, as the two reports rely on different accounting frameworks (US GAAP versus IFRS). KPMG physically counted and inspected every gold bar, representing $17.45 billion in reserves as of December 31, alongside $8.43 billion in bitcoin and $17.04 billion in secured loans. Tether has published no underlying documents or detailed opinion, and the audit does not meet the requirements of the GENIUS Act, which mandates a PCAOB-registered auditor and mandatory publication of financial statements. USDT’s market cap stands at $183 billion, representing 60.8% of the $300.8 billion stablecoin market.
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