Tether finally got the audit critics demanded, just as Washington changed the test
Tether says KPMG issued an unqualified opinion on Tether International's 2025 financial statements, its first full audit from a Big Four accounting firm. The audited numbers show reserves exceeding liabilities by $6.814 billion as of Dec. 31, 2025.
Quarterly reserve attestations confirm a snapshot of assets against liabilities. A full financial-statement audit examines the balance sheet, transactions, counterparties, and underlying evidence, and Tether says KPMG even physically counted every gold bar in its reserves.
| Transparency item | Reserve attestation | Full financial-statement audit | GENIUS-style regime |
|---|---|---|---|
| Point-in-time reserve snapshot | Yes | Yes | Yes |
| Full balance sheet review | Limited | Yes | Expected |
| Transactions and counterparties | Limited | Yes | Expected |
| Liability verification | Yes | Yes | Yes |
| Ongoing liquidity-risk management | No | Not the main purpose | Yes |
| Monthly public reporting | No | No | Yes |
| Weekly confidential regulator reporting | No | No | Yes |
| Standing supervisory framework | No | No | Yes |
Tether CEO Paolo Ardoino said KPMG's unqualified opinion was “the best possible audit opinion an independent auditor can issue” and the firm's audit was “the largest inaugural audit in the history of finance.”
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