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

The entity behind the world’s largest stablecoin has introduced that KPMG U.S. issued an unqualified audit opinion on the monetary statements of Tether International, S.A. de C.V. for the 12 months ended December 31, 2025. This is the primary full monetary assertion audit within the historical past of the corporate behind USDT.

An unqualified opinion carries no reservations, exceptions, or caveats, and is the strongest conclusion an impartial auditor can attain. This means KPMG examined the stability sheet, earnings assertion, assertion of modifications in fairness, and money circulate assertion underneath US usually accepted accounting rules, with every space topic to impartial substantive testing. The audited statements report reserves exceeding liabilities by $6.81 billion.

KPMG bodily counted and inspected each particular person gold bar Tether holds, verifying its existence and figuring out data. Tether mentioned the process went past the stories provided by custodians and counterparties.

The Attestations And The Audit

Tether has supplied common impartial attestations of its backing belongings for years, however an attestation simply checks reserves at a time limit, whereas the KPMG engagement coated the total monetary statements.

Back in 2022, BDO Italia changed MHA Cayman on the reserves stories, a transfer Tether called “the following step within the firm’s path towards an entire audit.” BDO nonetheless prepares the quarterly stories, amongst them the Q1 2026 attestation showing a document $8.23 billion extra reserve buffer.

Tether had additionally accomplished a SOC 2 Type 1 examination protecting IT and safety controls in 2024, however that examination stopped on the controls and by no means reached the monetary statements.

Moreover, these quarterly figures sit exterior KPMG’s opinion. Tether’s most up-to-date attestation coated the second quarter of 2026 and reported $1.5 billion in web working revenue, roughly $184.6 billion of USDT issued, and greater than 146 tons of gold.

Tether’s Long History With Regulators

The Commodity Futures Trading Commission fined Tether $41 million in October 2021, discovering the corporate held enough fiat reserves to again USDT in circulation for less than 27.6% of the times in a 26-month pattern from 2016 by way of 2018.

The order additionally discovered Tether had informed clients and the market that each token was backed by an equal quantity of corresponding fiat forex, whereas its reserves included unsecured receivables and non-fiat belongings.

“For years, some detractors mentioned an audit of Tether couldn’t be accomplished. They mentioned the Company refused to topic itself to probably the most rigorous scrutiny. We have as soon as once more confirmed them flawed. Completing our monetary assertion audit units a brand new commonplace for the business and displays the management we’ve delivered to this market from the beginning,” mentioned Paolo Ardoino, Chief Executive Officer of Tether.

Tether introduced signing with a Big Four auditor earlier this 12 months and described the finished engagement as the biggest inaugural monetary audit in historical past.

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