Tether, the world’s largest stablecoin issuer, has completed the first full independent audit of its financial statements in the company’s history. The audit was conducted by U.S. accounting firm KPMG, which issued an unqualified opinion following the review. According to the audited financial statements, Tether’s assets exceeded its liabilities by $6.8 billion at the end of 2025. The milestone is significant for the company, which had previously relied primarily on regular reserve attestations rather than a comprehensive audit of its financial statements.
What Tether’s First Full Audit Revealed
- Tether has completed its first full independent audit of its financial statements.
- KPMG US issued an unqualified, or “clean,” opinion on Tether International’s 2025 financial statements.
- The audit covered assets, reserves, liabilities, revenue, equity, and cash flows.
- Auditors also reviewed financial transactions, internal systems, supporting documents, and the company’s assets.
- As of December 31, 2025, Tether’s reserves exceeded its liabilities by $6.8 billion.
The audit is particularly important for Tether because the company is the issuer of the world’s largest stablecoin. Confidence in USDT largely depends on users’ trust that the tokens in circulation are backed by sufficient assets. An independent review of the company’s financial position can therefore serve as an important signal for investors, users, and institutional participants in the crypto market.
KPMG Gives Tether a “Clean” Opinion
The audit covered the financial statements of Tether International, S.A. de C.V., the entity responsible for issuing USDT. The review covered the financial year that ended on December 31, 2025. KPMG conducted the audit in accordance with professional standards established by the American Institute of Certified Public Accountants (AICPA).
Following the review, the auditor issued an unqualified opinion. In accounting terminology, this is also referred to as a “clean opinion.” It means the auditor found no basis for material qualifications to the financial statements and considers them to be fairly presented in accordance with applicable accounting standards.
KPMG did not disclose additional details about the audit, citing confidentiality requirements governing the relationship between the auditor and its client. Tether CEO Paolo Ardoino has previously confirmed that Tether International is the entity responsible for issuing USDT.
The company emphasized that the latest audit is significantly broader than the reserve reports it had published previously. While users previously received confirmation of the assets held at a specific point in time, a full audit involves a much deeper examination of an organization’s financial position.
What Exactly Did the Auditors Review?
As part of the audit, KPMG examined the complete balance sheet of Tether International. In particular, auditors reviewed the assets used to back USDT, as well as the company’s liabilities associated with issued and circulating tokens. The audit also covered revenue and expenses, changes in equity, and cash flows.
According to Tether, KPMG also reviewed financial transactions, internal systems, documents confirming ownership of assets, asset valuation methods, counterparty information, and other supporting documentation. The review therefore went beyond individual figures or a limited analysis of reserves. Key areas of Tether’s financial operations were independently tested.
Ardoino noted that the auditors examined not only the final figures in the financial statements, but also the assets, systems, transactions, and documents underlying the company’s financial position. Tether described the completed process as the largest inaugural financial audit in history, although this characterization comes from the company itself.
KPMG Conducted a Physical Inspection of Tether’s Gold Assets
Gold assets held by Tether received particular attention during the audit. According to the company, KPMG specialists physically inspected the gold bars held by Tether. The auditors counted the bars and independently checked their identification details. The review therefore did not rely solely on documents provided by custodians or other Tether counterparties.
Gold forms part of Tether’s broader portfolio of assets. The company also issues Tether Gold, a digital asset linked to physical gold. The physical inspection of the gold reserves demonstrates the broader scope of the full audit compared with Tether’s previous reserve attestation procedures.
In the past, Tether regularly published information about the composition of its reserves at specific points in time. However, such attestations did not constitute a full audit of the company’s financial statements. The new review covers a significantly wider range of areas and provides a more comprehensive picture of the financial position of the USDT issuer.
Tether’s Reserve Surplus Reached $6.8 Billion
One of the key findings of the audit was confirmation of Tether’s reserve surplus. Tether CFO Simon McWilliams said that as of December 31, 2025, the company’s assets exceeded its liabilities by $6.8 billion.
McWilliams joined Tether in early 2025. Among his responsibilities was helping prepare the company for its first full independent audit. The $6.8 billion surplus represents the difference between the value of the issuer’s assets and the total amount of its liabilities.
These liabilities inсlude obligations associated with USDT that has been issued and remains in circulation, as well as other financial obligations of Tether. In other words, at the end of 2025, the value of Tether International’s assets was $6.8 billion higher than the company’s total liabilities.
This figure is particularly significant for the stablecoin market. An adequate level of reserves is one of the key factors supporting confidence in an asset-backed digital currency. A full audit also provides a more detailed assessment of the structure of the reserves, ownership of the assets, and valuation methods — issues that have been repeatedly discussed by participants in the cryptocurrency market.
Why the Full Audit Matters for Tether
Tether has been under close scrutiny from the cryptocurrency community and financial markets for several years. Much of the attention has traditionally focused on how reliably the stablecoins issued by the company are backed.
Regular reserve attestations provided some information about Tether’s assets, but a full audit is a significantly broader process. Tether International’s financial position has now been reviewed by an independent accounting firm using a wider range of procedures. This could increase transparency and strengthen confidence in the company.
The issue is becoming increasingly important as the stablecoin market expands and regulatory scrutiny grows. Digital asset issuers are facing greater expectations to provide markets with information about their reserves, liabilities, and financial stability.
Tether Moves Toward the Next Stage of Transparency
Tether announced plans for its first full audit in March. At the time, the company said it had engaged one of the “Big Four” accounting firms, but initially did not disclose its name. It was later revealed that KPMG was conducting the audit. PwC had previously assisted Tether in preparing its internal systems and processes for the comprehensive review.
Tether did not specifically mention PwC’s involvement in its latest statement. Paolo Ardoino described the completion of the audit as an important milestone for the company, while emphasizing that Tether does not view the review as the final step in its transparency efforts.
According to Ardoino, the completed audit instead marks the beginning of a new phase in which Tether intends to continue improving disclosure and transparency.
The unqualified opinion issued by KPMG could strengthen Tether’s position in the market at a time when stablecoins are becoming an increasingly important part of the global financial infrastructure.
At the same time, stablecoin issuers are facing stricter requirements regarding financial disclosures, reserve quality, and independent verification of financial information. Against this backdrop, Tether’s first full audit represents a significant step forward compared with its previous practice of publishing regular reserve attestations.
The independent review gives the market a more detailed picture of the financial position of the world’s largest USDT issuer, including its assets, liabilities, and capital structure.
For Tether itself, the audit results could provide an additional tool for strengthening trust among users, institutional investors, and regulators. As stablecoin regulations continue to evolve, the importance of independent financial reviews is likely to increase. For Tether, completing its first full audit could serve as a foundation for further transparency and greater confidence in USDT.