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Tether says KPMG U.S. has completed the stablecoin issuer’s first full independent financial statement audit, ending a commitment the company had discussed for years. KPMG issued an unqualified opinion on the financial statements of Tether International, S.A. de C.V. for the year ended December 31, 2025.
The audit covered the entity that issues USDT and examined its balance sheet, income statement, changes in equity and cash flows. Tether said the opinion was issued under U.S. auditing standards and covered its complete annual financial statements rather than only its reserves.
KPMG Gives Tether an Unqualified Opinion
An unqualified opinion means the auditor concluded that the financial statements fairly presented the company’s financial position and results in all material respects under the applicable accounting framework. It does not guarantee future solvency or eliminate financial risk.
Tether said KPMG’s audit procedures covered transactions, systems, ownership records, valuations, counterparties and supporting evidence. The company also said the work included physical inspection of gold bars held as part of its reserves. It announced the completed audit on August 13. CEO Paolo Ardoino said:
“People may describe this as the end of a long journey, but we see it as the beginning of the next one.”
Audited Accounts Show $6.8 Billion Reserve Surplus
Tether said its audited 2025 financial statements showed reserves exceeding liabilities by $6.814 billion at year-end. The company described the audit as covering the broader financial statements of Tether International, S.A. de C.V., rather than only a point-in-time reserve balance.
The full financial audit goes further than the reserve attestations Tether has published regularly in previous years. Those attestations provided snapshots of reserves and liabilities at particular reporting dates rather than audits of complete annual financial statements.
Audit Follows Years of Tether Commitments
Tether had discussed obtaining a full financial audit for years while continuing to publish reserve assurance reports. In March 2026, the company announced that it had appointed KPMG U.S. to complete its first full audit.
The completed work now provides an independent audit opinion on Tether International, S.A. de C.V.’s 2025 financial statements. Tether’s regular reserve reporting remains a separate process from the annual financial statement audit.
