Tether has undergone a new audit: KPMG confirmed $6.8 billion in excess reserves

Tether, the world’s largest stablecoin issuer, has completed its first-ever full independent audit of its annual financial statements. KPMG US issued an unqualified audit opinion on its 2025 audit, confirming that Tether’s assets exceed its liabilities by $6.814 billion.

This is a significant development for the cryptocurrency market. Tether has published quarterly statements of its reserves for many years, but it has never had a full independent audit of its entire financial statements.

For crypto industry players, including mining hardware and cryptocurrency infrastructure companies like AsicFIX, transparency from the largest stablecoins is of practical importance. USDT remains a key instrument for settlement and liquidity transfer in the crypto ecosystem.

What KPMG examined
The audit covered much more than just Tether’s reserves.

KPMG audited the company’s balance sheet, income statement, and cash flow statement for the fiscal year ended December 31, 2025.

The assets backing the issued Tether tokens, the company’s related liabilities, and related transactions were separately audited.

The main difference from previous reports is the scope of the audit. A full audit involves analyzing not only the finished financials, but also transactions, internal systems, asset ownership documents, valuation methods, and counterparty information.

Particular attention was paid to Tether’s gold reserves. KPMG representatives physically inspected and counted the company’s gold bars. That is, the auditor verified the actual presence of the metal, and did not rely solely on custodian documents.

As a result, KPMG issued an unqualified opinion. Simply put, the auditor believes that Tether’s financial statements fairly reflect the financial condition, results of operations, and cash flows of the company in all material respects in accordance with U.S. accounting standards.

How a full audit differs from quarterly certifications
This is where one of the main differences between Tether’s new report and previous publications lies.

The quarterly certification actually shows the state of reserves as of a specific date. It allows you to assess what assets the company owned at the time the report was prepared, but is not a complete audit of all financial activities.

A full audit is much broader. An independent auditor checks the financial statements, operations, control systems, asset valuation, documents, and other elements that form the overall financial picture of the company.

That is why the first full audit of Tether may have a greater impact on confidence in USDT than another standard reserve reporting.

Why Tether’s audit is important for the entire crypto market
The issue of USDT collateralization has been one of the most debated in the cryptocurrency industry for years.

Tether claims that its tokens are backed by appropriate assets. Now, an independent audit has given the market additional confirmation of the company’s financial position.

Tether’s scale makes this event important far beyond a single stablecoin.

According to the data provided, USDT’s capitalization is about $183 billion, which corresponds to about 61% of the $301 billion stablecoin market.

For comparison, the capitalization of its closest competitor — USDC from Circle — is about $72 billion.

USDT is actively used on cryptocurrency exchanges, in DeFi, and for international payments within the crypto ecosystem. Therefore, a change in trust in Tether could potentially affect the liquidity of the entire market.

For businesses related to cryptocurrency infrastructure and mining, the stability of such tools is also important. That is why AsicFIX monitors not only the prices of ASIC miners and equipment, but also broader changes in the cryptocurrency market.

Tether received over $ 10 billion in profit
The first full audit of Tether took place against the backdrop of the company's record financial results.

Tether launched USDT back in 2014, and by the end of 2025 it received over $ 10 billion in net profit.

In the second quarter of 2026, the company reported approximately $ 1.5 billion in net operating profit. The bulk of the income was provided by investments in US Treasury bonds and repo transactions.

At the same time, Tether is gradually expanding its business beyond stablecoins.

In 2026, the company invested $ 20 million each in the Argentine neobank Ualá and the Brazilian platform Mercado Bitcoin. In addition, Tether led a $50 million investment round for Eight Sleep, a company that develops AI-powered sleep technology.

Tether is using its core business to build a broader investment portfolio.

Tether is growing its tokenized gold reserves
Another important area of ​​development for the company is tokenized real assets.

In the second quarter, the physical reserves that support Tether Gold (XAUt) increased by 9.5%.

The volume of XAUt tokenized gold reached approximately $2.7 billion, making it the largest tokenized asset.

#Antminer #SHA256 #Bitcoin #ASICмайнер #Bitmain #Майнінг #asicfix