By Elizabeth Howcroft
PARIS, Aug 14 (Reuters) – El Salvador-based Tether, which issues the world’s largest stablecoin, said KPMG U.S. had performed a “full independent audit” of its financial statements for the first time.
The audit, which was not made public, marks a move by Tether to reassure markets about its finances following heightened global scrutiny of crypto companies.
Tether has for years said that it would seek an audit.
• 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.
(Reporting by Elizabeth Howcroft; Editing by Alexander Smith)
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