Tether completed its first formal audit of annual financial statements and received an unqualified opinion from KPMG US. Cointelegraph reported on Aug. 13 (local time) that the audit of Tether’s 2025 financial statements found its reserves exceeded liabilities by $6.814 billion.

The audit covered the statement of financial position, income statement and cash flow statement for the fiscal year ended Dec. 31, 2025. It also examined assets backing tokens issued by Tether and the corresponding liabilities.

The audit differed in scope from the quarterly reserve attestations Tether has issued for years. KPMG independently reviewed the full set of financial statements and supporting evidence, including transaction records and systems, ownership records, valuation and counterparties. It also directly verified Tether’s gold holdings and inspected gold bars rather than relying only on custodian data.

KPMG concluded the financial statements fairly present Tether’s financial position, results of operations and cash flows in all material respects in accordance with U.S. accounting standards.

Tether’s core business remains USDT. Based on DefiLlama, USDT has a market capitalisation of about $183 billion, accounting for about 61 percent of the overall stablecoin market of $301 billion. That is more than double rival Circle’s USDC at about $72 billion.

Tether posted net profit of more than $10 billion in 2025. Net operating profit was $1.5 billion in the second quarter this year, and most revenue came from holdings of U.S. Treasuries and repurchase agreements.