most stablecoins run on 𝗮𝘁𝘁𝗲𝘀𝘁𝗮𝘁𝗶𝗼𝗻𝘀, which are not audits.

$USDT just got the real thing.

after years of "where's the audit," Tether put out a full financial statement audit on Aug 13. the receipts:

→ 𝗞𝗣𝗠𝗚 US signed the FY2025 financials for Tether International

→ unqualified opinion, the cleanest one an auditor can issue

→ reserves over liabilities: $6.814b as of Dec 31, 2025

→ that's ~$470m above what BDO's own Q4 attestation had shown

→ KPMG physically counted the gold, not just the paperwork

→ USDT market cap sitting near $183b

→ Q2 2026 net operating profit ~$1.5b

now the part the headline skips.

the audited date is Dec 31, 2025. that number is eight months old.

BDO's Q2 attestation put the cushion at $𝟰.𝟭𝟭𝗯 as of June 30, roughly 40% below the audited figure. gold coming off its January high, down over 20%, explains a chunk of it.

𝗰𝗹𝗲𝗮𝗻 𝗼𝗽𝗶𝗻𝗶𝗼𝗻, 𝗲𝗶𝗴𝗵𝘁 𝗺𝗼𝗻𝘁𝗵 𝗼𝗹𝗱 𝗻𝘂𝗺𝗯𝗲𝗿.

$USDC built its whole pitch on this. Tether spent years saying it didn't need to.

the real question is whether KPMG signs one every year. 👀

#Tether #Stablecoins