According to CoinMeta, Tether announced that it has passed its first audit, and KPMG confirmed that its reserves exceed liabilities by $6.8 billion. As one of the four major accounting firms, KPMG issued an unqualified opinion on Tether's financial report for 2025, which is the most favorable outcome that auditors can provide. This audit complied with US GAAP and PCAOB standards, and KPMG also conducted a physical count and inspection of each gold bar held by Tether. The audit covered reserves totaling $184 billion USDT, serving 650 million users. The audit opinion contains no reservations, exceptions, or additional conditions. Tether described this as the largest-scale first audit in history; four years ago, the company was fined $41 million for misleading statements.