Tether secured its first full audit from a Big Four firm, with KPMG issuing an unqualified opinion on Tether International’s 2025 financial statements as of December 31, 2025, showing reserves exceeding liabilities by $6.814 billion. This milestone comes as new U.S. regulations, including the GENIUS Act and the FDIC’s proposed rule, impose stricter reserve, liquidity, disclosure, and annual audit standards on large stablecoin issuers. Gold, which Tether has been expanding within its reserve strategy, is not included in the FDIC’s proposed eligible reserve asset list, creating a regulatory gap. Tether reported approximately $184.6 billion in USDT outstanding at the end of the second quarter, capturing over 60% of the total stablecoin market, yet faces bipartisan legislative efforts to subject foreign issuers to the same annual audit requirements as U.S. issuers.
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