Tether has finalized its first full audit by KPMG, securing a favorable ‘clean’ opinion on its 2025 financial statements. The USDT stablecoin issuer has reduced its T-bill reserve assets to 75%, with bitcoin and gold exposure accounting for approximately 13%. S&P Global had previously downgraded USDT, citing only 77% of reserves in U.S. Treasury bonds and cash equivalents. Despite persistent criticism regarding governance opacity and company ownership, Tether reported $1.5 billion in net profits last quarter with over 650 million USDT holders.
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