The entity behind the world’s largest stablecoin has introduced that KPMG U.S. issued an unqualified audit opinion on the monetary statements of Tether Worldwide, S.A. de C.V. for the yr ended December 31, 2025. That is the primary full monetary assertion audit within the historical past of the corporate behind USDT.
An unqualified opinion carries no reservations, exceptions, or caveats, and is the strongest conclusion an impartial auditor can attain. This implies KPMG examined the stability sheet, earnings assertion, assertion of adjustments in fairness, and money circulation assertion underneath US typically accepted accounting rules, with every space topic to impartial substantive testing. The audited statements report reserves exceeding liabilities by $6.81 billion.
KPMG bodily counted and inspected each particular person gold bar Tether holds, verifying its existence and figuring out info. Tether mentioned the process went past the reviews provided by custodians and counterparties.
The Attestations And The Audit
Tether has offered common impartial attestations of its backing belongings for years, however an attestation simply checks reserves at a time limit, whereas the KPMG engagement coated the total monetary statements.
Again in 2022, BDO Italia changed MHA Cayman on the reserves reviews, a transfer Tether known as “the subsequent step within the firm’s path towards a whole audit.” BDO nonetheless prepares the quarterly reviews, amongst them the Q1 2026 attestation exhibiting a file $8.23 billion extra reserve buffer.
Tether had additionally accomplished a SOC 2 Kind 1 examination overlaying IT and safety controls in 2024, however that examination stopped on the controls and by no means reached the monetary statements.
Furthermore, these quarterly figures sit exterior KPMG’s opinion. Tether’s most up-to-date attestation coated the second quarter of 2026 and reported $1.5 billion in web working revenue, roughly $184.6 billion of USDT issued, and greater than 146 tons of gold.
Tether’s Lengthy Historical past With Regulators
The Commodity Futures Buying and selling Fee fined Tether $41 million in October 2021, discovering the corporate held enough fiat reserves to again USDT in circulation for less than 27.6% of the times in a 26-month pattern from 2016 by means of 2018.
The order additionally discovered Tether had advised clients and the market that each token was backed by an equal quantity of corresponding fiat foreign money, whereas its reserves included unsecured receivables and non-fiat belongings.
“For years, some detractors mentioned an audit of Tether couldn’t be accomplished. They mentioned the Firm refused to topic itself to essentially the most rigorous scrutiny. We have now as soon as once more confirmed them incorrect. Finishing our monetary assertion audit units a brand new normal for the business and displays the management we’ve dropped at this market from the beginning,” mentioned Paolo Ardoino, Chief Govt Officer of Tether.
Tether introduced signing with a Large 4 auditor earlier this yr and described the finished engagement as the most important inaugural monetary audit in historical past.
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