Morning Minute: Tether Finally Gets An Audit
JUST IN: Tether passes its first full audit, with KPMG issuing an unqualified opinion on its 2025 financials, ending the longest-running criticism of the world's largest stablecoin issuer.
Tether just passed a full audit. After eleven years of everyone asking where the money is.
KPMG, one of the Big Four, issued an unqualified opinion on Tether's 2025 financials. That's accountant speak for the cleanest bill of health you can get. Tether's calling it the largest inaugural financial audit in history, and the boss, Paolo Ardoino, has waited a long time to say that out loud.
And the detail I love, KPMG didn't just take their word on the reserves. They physically counted and inspected every single gold bar the company holds. Every one. Someone at a Big Four firm spent their week touching bullion.
Remember, the loudest criticism of USDT was always the same, a hundred billion plus stablecoin with no proper audit. That argument died yesterday. The sceptics haven't lost the war, but they just lost their favourite weapon.
This is Sara White, reporting for HIT.
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