Tether, the issuer of the world’s largest stablecoin, has completed its first full independent financial statement audit with KPMG U.S. issuing an unqualified opinion on the company’s 2025 financials.
An unqualified opinion is the cleanest result an auditor can give. No reservations; No exceptions; No caveats.
Tether Completes the Largest Inaugural Financial Audit in History
— Tether (@tether) August 13, 2026
Read more: https://t.co/vWG0fFSUxH
What the Audit Covered
This wasn’t a limited reserve attestation. KPMG examined Tether’s entire financial structure:
- Full balance sheet, income statement, and cash flows for the year ending December 31, 2025
- Transactions, internal systems, valuations, counterparties, and ownership records
- Physical inspection and counting of every individual gold bar held by Tether
- Reserves backing $184 billion in USDT used by over 650 million people globally
The audit was conducted under U.S. GAAP and AICPA professional standards, the same rules governing public company audits in the United States.
The Numbers
CFO Simon McWilliams confirmed the audited statements showed reserves exceeding liabilities by $6.814 billion at year-end 2025. This aligns with the reserve figures Tether has disclosed through quarterly attestations.
USDT currently commands over 60% of the global stablecoin market.
Why This Matters
Tether has faced years of scrutiny over transparency. Critics questioned whether USDT was fully backed. Regulators took action. In 2021, Tether paid $41 million to settle charges with the CFTC over misleading claims about its reserves.
The company has published independent reserve attestations for years, but attestations have a narrower scope. They verify reserves at a specific date. A full audit examines an entire year of operations, transactions, and supporting evidence.
CEO Paolo Ardoino called this “the largest inaugural financial audit in history.”
Looking Ahead
With the GENIUS Act now signed into law, U.S. stablecoin regulations are tightening. Federal rules for reserve requirements, disclosures, and supervision are being implemented. Tether operates USDT through an issuer outside the United States, making its compliance status under the new framework a key question moving forward.
The company has also launched USAT, a separate dollar-backed token issued through Anchorage Digital Bank for the American market.
For now, Tether has the receipts. KPMG signed off. The question is whether regulators will too.
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