- Tether secured an unqualified KPMG audit for 2025 after every gold bar was physically verified and its financial records were independently tested.
- The audit showed Tether held $6.814 billion more in reserves than its liabilities.
Tether has completed a full independent financial statement audit for 2025, marking a major step in its transparency efforts. KPMG U.S. issued an unqualified audit opinion after examining Tether International, S.A. de C.V.’s financial statements.
The audit covered the company’s financial position, transactions, systems, ownership records, valuations, counterparties, and supporting documentation. It was conducted for the year ended December 31, 2025.
KPMG Issues Unqualified Audit Opinion
KPMG’s unqualified opinion means the financial statements fairly present Tether’s financial position and results under U.S. generally accepted accounting principles.
An unqualified opinion is the most positive opinion an independent auditor can issue. It means the auditor found no material reservations or exceptions in the financial statements.
The audit also goes beyond Tether’s regular quarterly reserve attestations. KPMG examined the company’s full balance sheet, income statement, changes in equity, and cash flow statements.
The review included both Tether’s reserve assets and the liabilities linked to its issued tokens.
KPMG Physically Inspected Tether’s Gold
One notable part of the audit involved Tether’s gold reserves.
KPMG physically counted and inspected every individual gold bar held by Tether. The process verified the existence and identifying information of each bar.
This provided direct evidence rather than relying only on information supplied by custodians or counterparties.
The audit also involved substantive testing of Tether’s financial records, systems, transactions, and supporting documents.
Tether Reports $6.814 Billion Reserve Surplus
According to Tether, its audited financial statements show reserves exceeding liabilities by $6.814 billion as of December 31, 2025.
Tether CFO Simon McWilliams said the audit confirms the strength of the company’s previous public reserve reports. He described the engagement as one of the most ambitious projects in Tether’s history.
Tether has published independent reserve attestations for years. However, the company said completing a full financial statement audit marks a significant advance in its financial reporting.
What the Audit Means for Stablecoins
The audit could have broader implications for the stablecoin industry.
Stablecoins now support payments, remittances, savings, trading, and access to U.S. dollars across global markets. Their growing use has increased attention on the financial controls and reserves of stablecoin issuers.
Tether CEO Paolo Ardoino said the audit demonstrates how the company’s governance and financial infrastructure have developed alongside its growing responsibilities.
Tether said more than 650 million users across emerging markets rely on USD₮. The company now views the completed audit as a starting point for further improvements rather than the end of its transparency efforts.
The KPMG opinion gives Tether a significant new layer of independent financial scrutiny. It also sets a higher benchmark for stablecoin issuers seeking to demonstrate the strength of their financial reporting.
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Disclaimer:
This article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry risk, and readers should conduct their own research before making any investment decisions.