KPMG Gives Tether a Clean Audit Opinion on Its 2025 Financial Statements

Tether said KPMG, one of the Big Four accounting firms, has issued an unqualified (clean) audit opinion on Tether International's 2025 financial statements, in what the company described as its first full financial audit. According to CoinDesk, Tether said the audit examined assets, liabilities, income, cash flows, internal systems and counterparty information. The disclosure comes as the stablecoin issuer continues expanding its U.S. operations. A clean opinion indicates the auditor found no material misstatements in how the financial statements are presented under applicable standards. Tether emphasized that this does not constitute an endorsement of its business model or a guarantee of future solvency; it primarily addresses financial-statement presentation and compliance. The announcement is drawing close scrutiny in the stablecoin market given years of debate over the composition and verification of USDT reserves, disclosure transparency and internal controls. Tether's reserve-related practices have previously been at the center of regulatory and market disputes. CoinDesk noted prior enforcement actions, including a February 2021 settlement with New York State that included an $18.5 million payment, and a $41 million CFTC penalty in October 2021. The report also said that in March 2026 Tether announced it had engaged Big Four firms to participate in the audit process. KPMG was later confirmed as the auditor for USDT, while PwC assisted with internal systems preparation. Tether added that the audit included verification of its gold reserves, saying KPMG physically counted and inspected each gold bar rather than relying only on custodian or counterparty documentation. The company said the audit shows its governance and financial controls have scaled with its growth. CEO Paolo Ardoino said on social media that Tether has delivered on its prior commitment to complete an audit. CoinDesk added that Tether characterized the engagement as "the largest initial financial audit in history," a claim attributed to the company.