A historic moment: Tether finally gets a real audit for the first time.
The market’s main fear for years: what if $USDT isn’t fully backed? KPMG from the Big Four has issued a clean verdict on the 2025 reporting. Not a snapshot of wallets at a single date, but the full year: balances, revenue, flows, counterparties. Before a physical count of gold bars. Reserves exceed liabilities by 6.8$ billion.
Why so late? The Big Four has been avoiding crypto for years—too toxic a client after the 2021 fines. There were no proper standards for how to account for a mix of crypto, treasuries, and gold. Instead of an audit, there were attestations: a photo saying “the money is there right now.” Where it came from and where it went—those answers weren’t provided.
$USDT is the lifeblood of the market, with about 180$ billion in circulation. While backing was hanging on attestations, Tether risk was the systemic fear. For institutions, a Big Four audit is a ticket into a regulated world.
It doesn’t print liquidity and won’t move the price tomorrow. But it removes one of the last barriers between crypto and big money.
Do you believe that after this, $USDT will finally stop being called a pyramid?
The market’s main fear for years: what if $USDT isn’t fully backed? KPMG from the Big Four has issued a clean verdict on the 2025 reporting. Not a snapshot of wallets at a single date, but the full year: balances, revenue, flows, counterparties. Before a physical count of gold bars. Reserves exceed liabilities by 6.8$ billion.
Why so late? The Big Four has been avoiding crypto for years—too toxic a client after the 2021 fines. There were no proper standards for how to account for a mix of crypto, treasuries, and gold. Instead of an audit, there were attestations: a photo saying “the money is there right now.” Where it came from and where it went—those answers weren’t provided.
$USDT is the lifeblood of the market, with about 180$ billion in circulation. While backing was hanging on attestations, Tether risk was the systemic fear. For institutions, a Big Four audit is a ticket into a regulated world.
It doesn’t print liquidity and won’t move the price tomorrow. But it removes one of the last barriers between crypto and big money.
Do you believe that after this, $USDT will finally stop being called a pyramid?