KPMG Signs Off on Tether's 2025 Financials With Clean Audit Opinion

Tether said KPMG in the U.S. has completed a full audit of its 2025 financial statements and issued an unqualified opinion, the strongest conclusion an independent auditor can provide. KPMG's audit covered Tether International, S.A. de C.V. for the year ended Dec. 31, 2025, according to the stablecoin issuer's Thursday statement. Tether described it as the largest inaugural financial audit in history, a claim that could not be independently verified based on the announcement. An unqualified opinion indicates KPMG found Tether's financial statements fairly present its financial position, operating results and cash flows in all material respects under U.S. accounting rules. The firm did not identify material issues that would require qualifying or limiting its opinion. Tether also noted that an audit does not eliminate the possibility of future financial or business risks. Tether reported that its reserves exceeded liabilities linked to issued tokens by $6.814 billion as of Dec. 31, 2025. Stablecoins are designed to maintain a fixed value, typically by holding reserves against tokens in circulation. For USDT users, those reserves underpin the redemption promise at face value and are widely used to move dollar-linked value across crypto markets and borders. The company has previously published quarterly reserve attestations. Tether framed the audit as broader in scope, covering records, transactions, controls and full financial statements rather than a point-in-time assessment of specific figures. It said KPMG reviewed the balance sheet, income statement and cash flows, as well as ownership records, valuations and counterparties. Tether added that KPMG physically counted and inspected each gold bar held by the company instead of relying solely on custodian documentation. The audit comes as stablecoins gain traction in payments, remittances, savings and digital-asset trading, intensifying scrutiny of what backs these tokens and how reserves are managed. CEO Paolo Ardoino said the audit addresses long-running criticism over whether Tether would undergo a full independent review. "For years, some detractors said an audit of Tether could not be completed. They said the Company refused to subject itself to the most rigorous scrutiny. We have once again proven them wrong. Completing our financial statement audit sets a new standard for the industry and reflects the leadership we've brought to this market from the start," Ardoino said Thursday. CFO Simon McWilliams said the audited statements support Tether's prior reserve attestations. Market participants will now watch whether Tether continues to publish audited results and whether other stablecoin issuers move toward comparable reporting. Regulators, investors and users are also expected to assess how the disclosures reshape expectations for transparency across the fast-growing stablecoin market.