The company issued an unqualified opinion, also known as a “clean” opinion, on its 2025 reserves. At the same time, KPMG declined to disclose detailed information, citing confidentiality. By the end of 2025, the company’s assets exceeded its liabilities by $6.8 billion. The audit covered the “full financial statements,” including the complete balance sheet, including the assets making up the reserves and the liabilities represented by USDT. In addition, they reviewed the income statement, statement of changes in equity, and cash flow statement. In 2021, Tether paid $18.5 million in settlement of lawsuits in New York over the company’s reserves. It also received a $41 million fine from the CFTC. The company was accused of misleading clients about USDT being fully backed by dollars. USDT, with a market capitalization of $183 billion, accounts for 59% of the stablecoin market.