Tether finally gets a full audit by KPMG

[rdluffy]

I saw this news today, and ever since I've known about stablecoins, people have been saying that Tether would be the one to collapse and trigger a major market crisis in crypto
It seems they're in very good financial shape right now

• Tether's chief financial officer said ​audited financial statements for 2025 show its reserves exceeded its liabilities by $6.8 billion.
• A spokesperson for KPMG U.S. said: “We can confirm ​that we issued an unqualified opinion on Tether ​International, S.A. de C.V.’s financial statements in accordance with AICPA standards ‌for ⁠the year ending December 31, 2025. Due to client confidentiality, we have no further comment.”
• "The audit complements Tether's existing quarterly reserve reporting, examining the transactions, systems, ​ownership records, valuations, ​counterparties, and ⁠underlying evidence supporting the Company's financial statements," Tether said.
• Tether said KPMG physically counted ​every gold bar it held.
• Tether's website says it ​has ⁠issued around $183 billion in crypto tokens pegged to the dollar. Tether says it holds dollar-denominated assets, including U.S. ⁠Treasuries, ​to match the number of ​tokens in circulation.
• Tether has previously published "attestations" by BDO Italia on the size of ​its reserves.

Source: http://reuters.com/world/americas/stablecoin-issuer-tether-says-kpmg-us-has-audited-its-2025-statements-2026-08-14/

Not bad
It seems that Tether won't be the black swan event it could have been 

[Ambatman]

It's great to hear and see some reassurance even if to me it can be taken as a grain.
There's nothing stopping the auditors from been paid
I assure you it happens. But I prefer this storyline better
Tether been on the other side at a time like this would cost the market alot.
And would serve as precedence on crash on stablecoins
Though I believe it could boost Bitcoin price later when people realise what a public verifiable ledger is.

[tiCeR]

I saw this news today, and ever since I've known about stablecoins, people have been saying that Tether would be the one to collapse and trigger a major market crisis in crypto
It seems they're in very good financial shape right now

• Tether's chief financial officer said ​audited financial statements for 2025 show its reserves exceeded its liabilities by $6.8 billion.
• A spokesperson for KPMG U.S. said: “We can confirm ​that we issued an unqualified opinion on Tether ​International, S.A. de C.V.’s financial statements in accordance with AICPA standards ‌for ⁠the year ending December 31, 2025. Due to client confidentiality, we have no further comment.”
• "The audit complements Tether's existing quarterly reserve reporting, examining the transactions, systems, ​ownership records, valuations, ​counterparties, and ⁠underlying evidence supporting the Company's financial statements," Tether said.
• Tether said KPMG physically counted ​every gold bar it held.
• Tether's website says it ​has ⁠issued around $183 billion in crypto tokens pegged to the dollar. Tether says it holds dollar-denominated assets, including U.S. ⁠Treasuries, ​to match the number of ​tokens in circulation.
• Tether has previously published "attestations" by BDO Italia on the size of ​its reserves.

Source: http://reuters.com/world/americas/stablecoin-issuer-tether-says-kpmg-us-has-audited-its-2025-statements-2026-08-14/

Not bad
It seems that Tether won't be the black swan event it could have been 

It is actually crazy to read this now, it is 2026 and makes a headline that Tether gets audited... Isn't it weird that it took so long for such a critical component of the crypto industry to finally get audited? This should have happened long, long ago. Yet it worked and did not collapse or went rogue. People just blindly trusted it.

[bitmover]

I saw this news today, and ever since I've known about stablecoins, people have been saying that Tether would be the one to collapse and trigger a major market crisis in crypto
It seems they're in very good financial shape right now

I think since 2021 tether became so big and open to third party audits that people arent suggesting it would collapse anymore.

I think tether is quite safe for now. I do own some tether gold and I am not worried about it

[Fortify]

I saw this news today, and ever since I've known about stablecoins, people have been saying that Tether would be the one to collapse and trigger a major market crisis in crypto
It seems they're in very good financial shape right now

• Tether's chief financial officer said ​audited financial statements for 2025 show its reserves exceeded its liabilities by $6.8 billion.
• A spokesperson for KPMG U.S. said: “We can confirm ​that we issued an unqualified opinion on Tether ​International, S.A. de C.V.’s financial statements in accordance with AICPA standards ‌for ⁠the year ending December 31, 2025. Due to client confidentiality, we have no further comment.”
• "The audit complements Tether's existing quarterly reserve reporting, examining the transactions, systems, ​ownership records, valuations, ​counterparties, and ⁠underlying evidence supporting the Company's financial statements," Tether said.
• Tether said KPMG physically counted ​every gold bar it held.
• Tether's website says it ​has ⁠issued around $183 billion in crypto tokens pegged to the dollar. Tether says it holds dollar-denominated assets, including U.S. ⁠Treasuries, ​to match the number of ​tokens in circulation.
• Tether has previously published "attestations" by BDO Italia on the size of ​its reserves.

Not bad
It seems that Tether won't be the black swan event it could have been  

It's a good start and certainly puts them in a premium tier of crypto organizations that are willing to be transparent, which is absolutely essential when we're talking about a decentralized blockchain currency. It's going to make it a model that governments will want to emulate in their quest for CBDC's, so they might find a few consultancy contracts coming their way after this. However we need to be careful, even the "big four" accountancy firms have made mistakes in the past and been caught up in scandals which allowed fraud to take place. It would be nice to see annual audits booked in, because you simply cannot rely on one snapshot in time indefinitely and if they could swap between auditors that would be even better. Seeing things like "KPMG physically counted ​every gold bar" is important, but did they actually fully test each one or just count it assuming it was all gold? Treasury bonds have been falling in price and gold also boomed recently - so depending on the timing of the audit sign off and subsequent collapse in the gold price, that reserve buffer could be sizably lower.

[KiaKia]

I saw this news today, and ever since I've known about stablecoins, people have been saying that Tether would be the one to collapse and trigger a major market crisis in crypto
It seems they're in very good financial shape right now

• Tether's chief financial officer said ​audited financial statements for 2025 show its reserves exceeded its liabilities by $6.8 billion.
• A spokesperson for KPMG U.S. said: “We can confirm ​that we issued an unqualified opinion on Tether ​International, S.A. de C.V.’s financial statements in accordance with AICPA standards ‌for ⁠the year ending December 31, 2025. Due to client confidentiality, we have no further comment.”
• "The audit complements Tether's existing quarterly reserve reporting, examining the transactions, systems, ​ownership records, valuations, ​counterparties, and ⁠underlying evidence supporting the Company's financial statements," Tether said.
• Tether said KPMG physically counted ​every gold bar it held.
• Tether's website says it ​has ⁠issued around $183 billion in crypto tokens pegged to the dollar. Tether says it holds dollar-denominated assets, including U.S. ⁠Treasuries, ​to match the number of ​tokens in circulation.
• Tether has previously published "attestations" by BDO Italia on the size of ​its reserves.

Source: http://reuters.com/world/americas/stablecoin-issuer-tether-says-kpmg-us-has-audited-its-2025-statements-2026-08-14/

Not bad
It seems that Tether won't be the black swan event it could have been 

It's obviously what everyone wished for Tether, and I'm glad they don't have it their ways, it's crazy how everyone wanted them dead or something but the past history of Tether makes me think differently, they fought to get things running, if they are dirty they would be gone already.

Also when everyone wants something to happen in this crypto space the opposite always happened instead, like what happened with ColdCard wallets, no one saw it coming so how will everyone sees the collapse of USDT coming? What a space full of jokers.

Nothing bad will happen to USDT, they've come a long way and fought through all the bad wishes and regulations too, they are winning so far and they aren't stopping soon.

[BIT-BENDER]

I saw this news today, and ever since I've known about stablecoins, people have been saying that Tether would be the one to collapse and trigger a major market crisis in crypto
It seems they're in very good financial shape right now

• Tether's chief financial officer said ​audited financial statements for 2025 show its reserves exceeded its liabilities by $6.8 billion.
• A spokesperson for KPMG U.S. said: “We can confirm ​that we issued an unqualified opinion on Tether ​International, S.A. de C.V.’s financial statements in accordance with AICPA standards ‌for ⁠the year ending December 31, 2025. Due to client confidentiality, we have no further comment.”
• "The audit complements Tether's existing quarterly reserve reporting, examining the transactions, systems, ​ownership records, valuations, ​counterparties, and ⁠underlying evidence supporting the Company's financial statements," Tether said.
• Tether said KPMG physically counted ​every gold bar it held.
• Tether's website says it ​has ⁠issued around $183 billion in crypto tokens pegged to the dollar. Tether says it holds dollar-denominated assets, including U.S. ⁠Treasuries, ​to match the number of ​tokens in circulation.
• Tether has previously published "attestations" by BDO Italia on the size of ​its reserves.

Source: http://reuters.com/world/americas/stablecoin-issuer-tether-says-kpmg-us-has-audited-its-2025-statements-2026-08-14/

Not bad
It seems that Tether won't be the black swan event it could have been 

It's a good news for tether and honestly I am happy for them but I don't blame anyone who felt the collapse of tether was close because alot of negative news surrounded tether and it was becoming that the only way tether was headed was down under.
Although things are turning around for tether but they don't need to get ahead of themselves, before their crazy situation they were in great shape so anything could still happen.
.
Tether has great potentials to achieve significantly improved financial state but they still have work to do.

[o48o]

I would like to see this as good news, but with a grain of salt, as i had doubts since they were withdrawn from EU markets. That's definitely tells us about lack of transparency.

And frankly at this time i don't have too much trust over some US companies auditing anything, as the whole country lacks checks and balances and right hand is just washing left hand. I mean World Liberty Trust just got granted bank status, so what that says about current state of US? Corruption is off the chart and people that are supposed to act as guard rails are being laid off.

[batang_bitcoin]

We won't be hearing anymore those words for Tether after this full audit.

I would like to see this as good news, but with a grain of salt, as i had doubts since they were withdrawn from EU markets. That's definitely tells us about lack of transparency.

And frankly at this time i don't have too much trust over some US companies auditing anything, as the whole country lacks checks and balances and right hand is just washing left hand. I mean World Liberty Trust just got granted bank status, so what that says about current state of US? Corruption is off the chart and people that are supposed to act as guard rails are being laid off.

That's okay to have reservations since they've been in the hot take. But to consider that they were now fully audited might make those markets to start have that assurance that there's nothing to worry about. Although as usual, there's no 100% in it but having this proof that there's a real reserve, gives them now that reputation.

[Coyster]

This kind of news would instill some faith in people that use and hodl Tether. I have always spoken against hodling stablecoins, like USDT for the long term and this doesn't change that. It is centralized and even though they have had their first full independent audit, it does not stop them from freezing your funds even in your wallet.

One more thing, Tether and KPMG U.S. have announced this audit, but remember that the audited financial statements were not released and so it is impossible verify the details from the outside. I am not saying the published information is false, but you can make up your mind on what you think about that.

[MadSl1m]

People are answering two questions at once. The audit asks whether the reserves exist; the EU delisting was never about that.

MiCA doesn't want an auditor's opinion, it wants a licence. Tether never applied for one. They said openly they wouldn't take the reserve rule, which would have pushed a big chunk of the backing into EU bank accounts. So since 1 July, licensed EU venues can't list USDT no matter what KPMG signs.

Worth noticing which company got audited, too. Tether International, S.A. de C.V., licensed in El Salvador. That's a real licence. Just not the one the EU asks for. 

Holding USDT in your own wallet was never blocked here. Only trading it on licensed venues was.

[Darker45]

~snip~

I think since 2021 tether became so big and open to third party audits that people arent suggesting it would collapse anymore.

I think tether is quite safe for now. I do own some tether gold and I am not worried about it

I don't think Tether has ever been audited. This misleading claim was precisely the reason why they were fined tens of millions of dollars by CFTC in 2021.

What happened days ago hit the news because that was the first time. Tether's gold bars, for example, that back your XAUT were physically counted for the first time ever by KPMG.

Regardless, however, this audit doesn't necessarily cleanse every piece of doubt on Tether's health. Apart from the announcements, press releases, and confirmations, the full audit report, the statements, breakdowns, and the like remain private and undisclosed.

[bitmover]

~snip~

I think since 2021 tether became so big and open to third party audits that people arent suggesting it would collapse anymore.

I think tether is quite safe for now. I do own some tether gold and I am not worried about it

I don't think Tether has ever been audited. This misleading claim was precisely the reason why they were fined tens of millions of dollars by CFTC in 2021.

What happened days ago hit the news because that was the first time. Tether's gold bars, for example, that back your XAUT were physically counted for the first time ever by KPMG.

Regardless, however, this audit doesn't necessarily cleanse every piece of doubt on Tether's health. Apart from the announcements, press releases, and confirmations, the full audit report, the statements, breakdowns, and the like remain private and undisclosed.

You can see many third party audits here:
https://tether.to/en/transparency/?tab=reports


They have been making such third party reports for quite some time. I don't understand why would those reports made by Independent Auditors wouldn't count.

[nikola22]

https://coinmarketcap.com/view/stablecoin/

USDT has worked flawlessly for all these years and I've never had any concerns about it. currently there's a wide choice of stablecoins. if you don't trust USDT, you can choose USDC. in fact, there are stablecoins for every taste. Trump fans have USD1, XRP fans have RLUSD and PayPal fans have PYUSD. stablecoins from major traditional financial institutions, such as Open USD (OUSD), are also likely to emerge.

[WillyAp]

It is not unheard of that companies get though the audit without issues and collapse shortly after.
Wirecard is the prime example.

https://www.insurancebusinessmag.com/us/news/breaking-news/report-exposes-corporate-collapses-comebacks-and-survivors-533775.aspx

[Darker45]

I don't think Tether has ever been audited. This misleading claim was precisely the reason why they were fined tens of millions of dollars by CFTC in 2021.

What happened days ago hit the news because that was the first time. Tether's gold bars, for example, that back your XAUT were physically counted for the first time ever by KPMG.

Regardless, however, this audit doesn't necessarily cleanse every piece of doubt on Tether's health. Apart from the announcements, press releases, and confirmations, the full audit report, the statements, breakdowns, and the like remain private and undisclosed.

You can see many third party audits here:
https://tether.to/en/transparency/?tab=reports


They have been making such third party reports for quite some time. I don't understand why would those reports made by Independent Auditors wouldn't count.

Most probably because they aren't audits in a strict sense. While they're done by independent auditing firms, what they did are simply agreed-upon procedures, not audits.

Hence, the third party reports provided in the end aren't audit reports but simply attestation reports. And attestations don't take a comprehensive, broad, or deep examination of the books, internal controls, counterparty risks, and so on. They're simply just confirmations of the particular figures provided by Tether itself on a specific date.

[joniboini]

It is not unheard of that companies get though the audit without issues and collapse shortly after.
Wirecard is the prime example.

It's an interesting read, but I can't find the story of Wirecard failing after successful audit there. It mentioned accusations of ponzi scheme and audit fraud though. Are those related to the audit result you mentioned? That is to say, the audit is useless because the result doesn't reflect the reality at all? I'm not surprised if that's the case, but I guess it depends on who audit and what are they reporting. Seems like the market still like audits even though some high profile collapse happened after them.

[rdluffy]

I was quite curious about the cost of an audit like that
I don't know if you guys are too
However, that information is confidential

The best I could do was find an estimate by searching online on AIs:
From $15 million to $35 million 

I had no idea it would be that high

Obviously, I don't have any sources

[savetheFORUM]

People are answering two questions at once. The audit asks whether the reserves exist; the EU delisting was never about that.

MiCA doesn't want an auditor's opinion, it wants a licence. Tether never applied for one. They said openly they wouldn't take the reserve rule, which would have pushed a big chunk of the backing into EU bank accounts. So since 1 July, licensed EU venues can't list USDT no matter what KPMG signs.

Worth noticing which company got audited, too. Tether International, S.A. de C.V., licensed in El Salvador. That's a real licence. Just not the one the EU asks for. 

Holding USDT in your own wallet was never blocked here. Only trading it on licensed venues was.

I would say that people are forgetting another thing, not even about Mica or anything else, but about trust. Nobody doubted that they would have the reserves that they need; of course they do. They have the greatest ever type of business model in the world. People are giving them HUNDREDS of billions of dollars, and in return nobody asks them anything at all but to be liquid enough to cash out whenever needed.

Tether is not even paying off the interest like the banks do and still gets more dollars than banks. So of course they were able to make money with that much deposited into them. They made 2.5+ billion in profits last year, for example, so of course it is something great for them. However, what people do not understand is that what if tomorrow the CEO comes out and says that he is stealing all of your money? What can you even do about it? What if tomorrow he dies? What if he is jailed? You are not going to be able to do anything about it at all.

[Dogedegen]

I didn't expect this to come now or maybe even at all. My personal opinion on Tether was always that they are a bit insolvent but nothing close to what people panicking on the internet are saying. Being a couple percentage short on obligations or issues stablecoins is no problem, banks and many companies have much worse situations. In the end Tether managed to deliver a surprise, an audit by a big company and with a very positive end result. People who have been creating FUD against Tether need to stop now, if this does not satisfy them then I do not think that anything is going to and we should not spend more time on them.

It's great to hear and see some reassurance even if to me it can be taken as a grain.
There's nothing stopping the auditors from been paid
I assure you it happens. But I prefer this storyline better
Tether been on the other side at a time like this would cost the market alot.
And would serve as precedence on crash on stablecoins
Though I believe it could boost Bitcoin price later when people realise what a public verifiable ledger is.

A big company like this is not going to risk everything it is built because of a single client, that does not make financial sense. Something being possible with a low probability does not mean that it happens. In a case like this only the individual employee could be bribed, but I do not think that the audit process goes with a basis of trusting a single employee and that nobody checks his words. That would be very risky for the company, they probably have several levels of checks which depend on the client size and the risk of the audit to the auditor!

Tether is not even paying off the interest like the banks do and still gets more dollars than banks. So of course they were able to make money with that much deposited into them. They made 2.5+ billion in profits last year, for example, so of course it is something great for them. However, what people do not understand is that what if tomorrow the CEO comes out and says that he is stealing all of your money? What can you even do about it? What if tomorrow he dies? What if he is jailed? You are not going to be able to do anything about it at all.

If the CEO tries to steal the money, he will get fired and replaced. If he dies, he will be replaced by the company. Do you understand how a company is run? The CEO is not a risk for a company like Tether, and overall CEO risk shows mostly as negative effects of bad long-term strategy and decisions and not short term crime.