Nikolas Sargeant
TL;DR
-
Tether has completed its first full independent financial statement audit.
-
KPMG U.S. issued an unqualified, or “clean,” opinion on Tether International’s 2025 accounts.
-
The audit covered the USDT issuer’s balance sheet, reserves, liabilities, income, equity changes and cash flows.
Tether has completed its first full independent financial statement audit, marking a major transparency milestone for the issuer of the world’s largest stablecoin.
KPMG U.S. audited the 2025 financial statements of Tether International, S.A. de C.V., the entity responsible for issuing USDT, and provided an unqualified opinion.
An unqualified opinion, commonly called a clean opinion, indicates that the auditor found the financial statements fairly presented under the applicable accounting standards without requiring reservations, exceptions, or qualifications.
KPMG Issues Clean Opinion on Tether’s Accounts
KPMG confirmed that it issued an unqualified opinion on Tether International’s financial statements for the year ending December 31, 2025.
The audit was conducted in accordance with standards established by the American Institute of Certified Public Accountants. KPMG declined to provide further information, citing client confidentiality.
Tether CEO Paolo Ardoino confirmed that Tether International is the entity responsible for issuing the USDT stablecoin.
According to Tether, the audit covered the issuing entity’s complete financial statements, rather than providing only a limited review of its reserves at a particular moment.
KPMG examined Tether International’s full balance sheet, including the assets backing USDT and the liabilities represented by tokens in circulation.
The audit also covered the company’s income statement, changes in equity and cash-flow statement.
Tether said KPMG reviewed transactions, internal systems, ownership records, asset valuations, counterparties and supporting documentation. Each major area was subject to independent testing and verification.
Ardoino stressed that the audit went beyond reviewing a collection of headline financial figures. He said KPMG examined the assets, systems, transactions and evidence underpinning the entity’s financial position.
The company described the exercise as the largest inaugural financial audit ever completed, although that characterization is Tether’s own.
KPMG Physically Inspects Tether’s Gold Holdings
As part of the process, KPMG reportedly conducted a physical inspection of every gold bar held by Tether.
The auditor counted the bars and checked their identifying information individually instead of relying exclusively on records supplied by custodians or other counterparties.
Tether holds gold as part of its wider asset portfolio and also issues Tether Gold, a token designed to represent ownership of physical gold.
The physical inspection illustrates the broader scope of a full audit compared with the reserve attestations Tether has historically published.
Tether’s audited statements showed that its reserves exceeded its liabilities by $6.8 billion as of December 31, 2025, according to Chief Financial Officer Simon McWilliams.
McWilliams joined Tether as CFO in early 2025 and was tasked partly with guiding the company through the full-audit process.
The reported surplus represents the difference between the value of the assets held by the issuing entity and the liabilities associated with outstanding USDT and other obligations.
Completing the audit could help Tether address longstanding questions about the composition, ownership and valuation of the reserves supporting USDT.
Audit Marks Start of Tether’s Next Transparency Phase
Tether disclosed in March that it had hired a Big Four accounting firm to conduct its first full audit but did not initially identify the firm.
Reports subsequently named KPMG as the auditor and said PwC had assisted Tether in preparing its internal systems for the process. Tether did not reference PwC in its latest announcement.
Ardoino described the completed audit as the beginning of a new phase for the company rather than the conclusion of its transparency efforts.
The clean opinion could strengthen Tether’s position as stablecoin issuers face increasing regulatory expectations and demands for independently verified financial disclosures.
