Tether Secures First Full Financial Audit, Wins KPMG Unqualified Opinion

Tether has received an unqualified audit opinion from KPMG on its 2025 financial statements, according to CoinDesk, marking the first time the USDT issuer has completed a full financial audit. An unqualified opinion indicates the auditor believes the statements fairly present the company's financial position in all material respects. Tether said KPMG examined its assets, liabilities, income, cash flows, internal systems, counterparties and related supporting documents. The company added that gold holdings were physically counted and inspected item by item during the audit, rather than relying only on custodian reports. USDT's reserve backing has long faced public scrutiny, with Tether's previous reliance on quarterly attestations instead of full audits remaining a central point of controversy. The KPMG opinion is being viewed as a notable step toward greater reserve transparency. Historical disputes over reserve disclosures continue to frame the discussion. In 2021, Tether agreed to an $18.5 million settlement with the New York Attorney General's Office over reserve representations. Later that year, the U.S. Commodity Futures Trading Commission fined the company $41 million for misleading statements about USDT's dollar backing. Following the audit result, CEO Paolo Ardoino said on social media that the report addresses years of external questions about Tether's reserves and governance. CoinDesk also reported that Tether is stepping up its push into the U.S. market, including stablecoin products designed for U.S. users and engagement with regulators under the new framework. A full audit could bolster Tether's credibility with banks, payment providers and institutional partners, reshaping competitive positioning in stablecoins. Circle has often emphasized USDC's transparency and regulatory posture as differentiators. If Tether sustains higher disclosure standards, the perceived compliance and transparency gap between USDT and USDC could narrow. Operationally, Tether remains the sector leader by scale. The report said the company posted $1.5 billion in profit in the second quarter and holds a substantial amount of U.S. Treasury bonds. With the audit completed, market attention is expected to shift to the pace of Tether's U.S. expansion and whether it alters stablecoin market-share dynamics.