KPMG U.S. completed the first full independent audit of Tether International's 2025 financial statements and issued an unqualified opinion, according to the company's announcement. The audit found that Tether's financial position, operating results and cash flows were fairly presented in all material respects under U.S. GAAP.
The audit scope included substantive testing of assets, liabilities, transactions and valuations, as well as a physical inspection of every gold bar held by Tether. The audited statements showed reserves exceeded liabilities by $6.814 billion at the end of 2025.
Tether has faced years of scrutiny over its reserve backing. The stablecoin had a market capitalization exceeding $180 billion at the time of the audit announcement, making it the largest stablecoin by circulation. Previous attestations by smaller accounting firms had satisfied neither regulators nor skeptical observers in the crypto industry.
An unqualified opinion, also called a clean opinion, is the highest level of assurance an auditor can provide. It means the auditor found no material misstatements in the financial statements and that the company followed generally accepted accounting principles. KPMG is one of the Big Four accounting firms alongside Deloitte, PwC and EY.
Tether's move to engage a major audit firm marks a shift from its prior practice of relying on attested reserve reports from smaller accounting firms. The company had committed to a full audit in previous public statements and regulatory engagements.
The reserve cushion of $6.814 billion represents a 3.8 percent buffer over liabilities, assuming the stated balance sheet figures are complete. The audit's scope explicitly covered physical asset verification, a step that prior attestations had not systematically documented at this scale.
Whether this audit resolves regulatory concerns or industry skepticism will depend on how authorities and market participants treat the findings. The next material test is whether Tether faces new regulatory demands based on the audited statements or whether other jurisdictions accept them as adequate proof of reserve backing.
