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Tether’s first full independent audit is more consequential as a governance milestone than as a snapshot of reserves. KPMG U.S. issued an unqualified opinion on Tether International’s 2025 financial statements, covering reserves, token liabilities, systems, valuations and counterparties; audited reserves exceeded liabilities by $6.814B at year-end. The measured test now is repetition. If full audits become regular and disclosure scope remains meaningful, the impact could extend beyond USDT by raising the transparency benchmark for stablecoin issuers. One clean opinion strengthens credibility, but a durable standard requires consistency. Not advice, just analysis. #TetherFirstFullAudit