- KPMG U.S. issued an unqualified opinion on Tether International’s full 2025 financial statements.
- Audited reserves exceeded liabilities by $6.814 billion as of Dec. 31, 2025.
- KPMG physically counted and inspected every gold bar in Tether’s holdings.
- CEO Paolo Ardoino described the milestone as a defining moment for the stablecoin industry.
Stablecoin giant Tether announced on Aug. 13 that KPMG U.S. has completed a full independent audit of Tether International, S.A. de C.V.’s financial statements for the year ended Dec. 31, 2025, issuing an unqualified opinion.
The opinion, the most favorable an auditor can provide, confirms that the statements present fairly, in all material respects, the company’s financial position, results of operations and cash flows in accordance with U.S. GAAP, according to the company. A Bloomberg report noted that Tether did not release the full audit report itself.
As part of the process, KPMG physically counted and inspected every individual gold bar held by Tether rather than relying solely on custodian reports, Tether said. The audited statements showed reserves exceeding liabilities by $6.814 billion.
“This is a defining moment for the stablecoin industry,” Tether CEO Paolo Ardoino said in the announcement. “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.”
CFO Simon McWilliams called it a landmark for transparency, confirming the quality of prior public attestation reports. The audit covers the complete financial statements, including the balance sheet of reserves and token liabilities, income statement, equity changes and cash flows, going beyond the quarterly attestations Tether has long published.
The development follows years of scrutiny over the backing of USDT, the largest stablecoin by market capitalization with roughly $180 billion in circulation. Tether selected a Big Four firm earlier in 2026 to fulfill its commitment to a full audit.
