Tether Clears First Full Audit as KPMG Issues Unqualified Opinion on 2025 Statements

The entity behind the world’s largest stablecoin has announced that KPMG U.S. issued an unqualified audit opinion on the financial statements of Tether International, S.A. de C.V. for the year ended December 31, 2025. This is the first full financial statement audit in the history of the company behind USDT.

An unqualified opinion carries no reservations, exceptions, or caveats, and is the strongest conclusion an independent auditor can reach. This means KPMG examined the balance sheet, income statement, statement of changes in equity, and cash flow statement under US generally accepted accounting principles, with each area subject to independent substantive testing. The audited statements report reserves exceeding liabilities by $6.81 billion.

KPMG physically counted and inspected every individual gold bar Tether holds, verifying its existence and identifying information. Tether said the procedure went beyond the reports supplied by custodians and counterparties.

The Attestations And The Audit

Tether has provided regular independent attestations of its backing assets for years, but an attestation just checks reserves at a point in time, while the KPMG engagement covered the full financial statements.

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