Tether has completed its first full independent financial statement audit, marking a major transparency milestone for the issuer of the world’s largest stablecoin, USDT.
Big Four accounting firm KPMG U.S. issued an unqualified opinion on Tether International, S.A. de C.V.’s financial statements for the year ended December 31, 2025. According to Tether, KPMG concluded that the statements fairly present the company’s financial position, results and cash flows in accordance with U.S. generally accepted accounting principles.
The audit represents a significant expansion of Tether’s previous reporting regime, which had centered on quarterly reserve attestations rather than a complete financial statement audit.
Tether said its reserves exceeded related liabilities by $6.814 billion at the end of 2025. The review covered the company’s balance sheet, reserve assets, token liabilities, income statement, changes in equity and cash flow statement.
KPMG also examined transactions, internal systems and controls, ownership records, valuations, counterparties and supporting documentation.
One notable element of the engagement involved Tether’s physical gold holdings. The accounting firm physically counted and inspected each individual gold bar held by the company, including verification of serial numbers and other identifying information, rather than relying solely on reports from custodians.
The audit engagement was announced in March 2026, when Tether said it had hired a Big Four accounting firm. KPMG was subsequently identified as the auditor, while PwC assisted Tether in preparing its internal systems and controls for the review.
A New Test for Stablecoin Transparency
Tether CEO Paolo Ardoino described the completed audit as a response to years of criticism surrounding the company’s financial disclosures and reserve transparency.
“For years, some detractors said an audit of Tether could not be completed,” Ardoino said. He characterized the successful completion as evidence that Tether could withstand more rigorous financial scrutiny.
CFO Simon McWilliams called the audit a landmark for both Tether and the wider cryptocurrency industry, saying it reflects the company’s continued focus on transparency.
The development comes as stablecoins assume a larger role across cryptocurrency trading, payments and decentralized finance. For Tether, a clean opinion from a major global accounting firm could strengthen its position with institutional investors, financial companies and regulators as it seeks to expand its presence in regulated markets.
Still, the audit does not eliminate every question surrounding USDT.
Tether has not publicly released the complete audited financial statements, leaving market participants to rely on the company’s disclosures for a detailed view of its reserves and financial position. Questions surrounding asset composition, liquidity, Bitcoin exposure and counterparty risk are also likely to remain part of the broader debate over stablecoin transparency.
KPMG confirmed that it issued the unqualified opinion under AICPA standards but declined to provide further comment because of client confidentiality.
The distinction between a full financial statement audit and Tether’s earlier reserve attestations is nevertheless significant. A complete audit subjects a broader set of financial statements, transactions, systems and supporting records to independent examination.
With USDT’s market capitalization approaching $180 billion to $183 billion, the scale of Tether’s operations makes the audit particularly consequential for the wider digital asset market.
The immediate question for investors, exchanges and policymakers is whether the new level of assurance can translate into greater confidence in USDT and contribute to broader institutional adoption of stablecoins.
