Tether has given an update on its audit by KPMG.
After agreeing to partnering with a big 4 firm to conduct the stablecoin reserve audit a few months ago, the stablecoin issuer has announced a successful audit conducted by KPMG.
The audit itself focused on checking the stablecoin reserves and the underlying collateral assets as it pertained to the attestation report dated 31 December 2025.
According to the company’s statement:
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.”
Per Tether, KPMG agrees with the original accounting as reported by BDO Advisory Services, Tether’s regular accounting firm that creates quarterly assurance reports.
Tether and KPMG are yet to publish the full audit report.
Matching the Count
Tether’s recent statement mentions KPMG found $6.814B in remaining assets after liabilities for the time referenced, while the attestation from BDO reported it as $6.337B.
According to the process carried out as described in the company’s statement, KPMG auditors involved also partook in a physical count of the Gold on its balance sheet.
The December attestation report highlighted $17.4B in precious metals, while the most recent June report showed $18.83B – a slight decrease from $19.8B held as showed in the March report.
However, the category also accounts for XAUT, which is Tether’s gold-back stablecoin.
Tether’s Gold issuing entity is TG Commodities out of El Salvador and is working with Alpha Group Commodities, as well as a vault custodian in Switzerland, to ensure that for every XAUT token bought the equivalent is held in fine troy ounces of London Good Delivery Gold bars.
The separate Tether Gold December report showed 1324 bars of Gold in custody with the majority held in 12.5KG bars, and a small amount spread across 1KG and 0.5KG bars. Overall, this added up to 520,089 in ounces of Gold / XAUT in circulation.
The total market value was $2.246B with $1.7B in sold and $478.89M in available tokens.
In the March 2026 report, this number increased to 1792 bars, with much more 12.5KG bars of Gold added in custody. Overall, this added up to 707,747 in ounces of Gold / XAUT in circulation.
The total market value increased to $3.03B with $2.612 in sold and $691.56M in available tokens.
For June 2026, Tether Gold reserves remained unchanged. The total market value decreased to $2.83B with $2.45B in sold and $380.45M in available tokens.
Tether’s Stablecoin Reserve Narrative
Tether wants to remove any remaining doubt on its USDT and XAUT stablecoin reserves.
With a full publishing and matching of KPMG’s independent audit findings, this would improve the decade old narrative of questionable reserves from broader skeptics in the industry.
Also, this will be the first time Tether has undergone a stablecoin reserve audit in accordance with the American Institute of Certified Public Accountants (AICPA) standard.
This is important to note because BDO Avisory Services follows the ISQM1 and ISAE 3000 Revised criteria set out under the International Auditing and Assurance Standards Board (IAASB).
Other regulated and top stablecoin issuers such as Circle and Ripple in the U.S. are audited by another big 4 firm Deloitte, which uses the 2025 stablecoin reporting criteria developed under AICPA.
KPMG has already audited Paxos for USDP, PAXG, PYUSD issuance under the same standard, as well as applying part 1 of the standard and an additional regional criteria for USDG under the Singapore Standard on Quality Management (SSQM).
