Tether has announced the completion of its first full financial audit by KPMG, receiving an unqualified opinion on its 2025 financial statements. Auditors confirmed that the company held 6.814 billion dollars in excess reserves and physically inspected every gold bar. Tether CEO Paolo Ardoino stated that “no rock was left unturned, and Tether has all the gold it says it has.”

Despite confirming the company’s solvency, the audit highlights three major gaps. First, the excess reserve buffer declined by forty percent to 4.11 billion dollars by June 2026. Second, the underlying audited financial statements themselves were not published for public analysis.

The third issue is USDT compliance with the US GENIUS Act regulating stablecoins. Tether holds 60 billion dollars in Bitcoin and gold, which are not permitted reserve assets under US law, while the company lacks a license and monthly audit procedures. Ahead of the July 18, 2028 deadline when non-compliant stablecoins lose access to US exchanges, Tether must address its regulatory framework.