On August 14, Tether, the stablecoin issuer, completed the first-ever full independent financial audit of its kind. The Big Four accounting firm KPMG issued a "unqualified opinion" on Tether International’s 2025 financial statements, confirming that its reserve assets exceed liabilities by approximately $6.8 billion. This result is seen as a major breakthrough for Tether in terms of transparency, and also the first strong response to years of criticism over "audit opacity." As the world’s largest issuer of dollar-backed stablecoins, Tether’s financial health directly affects the stability of the entire crypto market. Following the announcement, market confidence in $USDT was bolstered, and it also sparked further discussion within the industry about standardizing stablecoin audit requirements.

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