Tether completes first full financial audit by Big Four firm KPMG

The 2025 audit covered Tether's balance sheet, income statement and cash flows, with the company reporting reserves exceeding liabilities by $6.814 billion.

Tether has completed its first full independent financial statement audit, with KPMG U.S. issuing an unqualified opinion on the stablecoin issuer’s 2025 financial statements.

KPMG said Tether International’s 2025 financial statements accurately reflected the company’s financial position, results and cash flows under U.S. accounting standards.

The unqualified opinion means KPMG found no material issues that required qualifications or exceptions.

The audit went beyond Tether’s existing quarterly reserve attestations and examined its balance sheet, income statement, changes in equity and cash flows, as well as supporting transactions, systems, ownership records, valuations and counterparties.

KPMG also physically inspected and counted Tether’s individual gold bars as part of its verification work, according to the company.

Tether CFO Simon McWilliams said the audited statements showed reserves exceeding liabilities by $6.814 billion at the end of 2025.

CEO Paolo Ardoino described the completion of the audit as a major milestone for Tether after years of scrutiny over the transparency and composition of reserves backing USDT.

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