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. The audit refers to “Tether International S.A. de CV” on December 31, 2025, Tether said.
• KPMG did not immediately respond to a request for 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)
