After years of people asking the same question, Tether finally has its first full financial statement audit.

And that's a big deal.

KPMG U.S. audited Tether's 2025 financial statements and issued an unqualified opinion. According to Tether, reserves exceeded liabilities by roughly $6.8B at year-end.

That's a completely different level of scrutiny from the quarterly reserve attestations we've been used to seeing.

But I'm not ready to call the transparency debate over.

There's still one important problem:

The full audited financial statements haven't been released publicly.

Tether says it's a private company and doesn't have to publish them. Fair enough.

But $USDT isn't an ordinary private-company product.

It's one of the most important pieces of infrastructure in the entire crypto market, with billions moving through it every day.

So for me, both things can be true at once:

Getting a clean Big Four audit is a massive step forward.

Making the audited statements publicly available would be an even bigger one.

After years of speculation around Tether's reserves, this definitely moves the conversation forward.

It just doesn't end it.

$USDT $BTC #Tether #Stablecoins #Crypto #Bitcoin