Tether has completed its first full financial statement audit, giving investors and regulators a much closer look at the finances behind the world’s largest stablecoin issuer. KPMG U.S. audited Tether International, S.A. de C.V.’s financial statements for the year ended December 31, 2025, and issued an unqualified opinion—the least adverse type of audit opinion—meaning the statements fairly present the company’s financial position, results, and cash flows in all material respects under U.S. generally accepted accounting principles.
The review went beyond previous reserve attestations. KPMG examined the balance sheet, income statement, changes in equity, cash flows, transactions, ownership records, asset valuations, counterparties, internal systems, and supporting paperwork. Tether said the audited statements showed its reserves exceeded its liabilities by $6.814 billion at the end of 2025. As part of the asset examination, KPMG also conducted a physical count of the individual gold bars held by Tether, rather than relying solely on information from custodians or counterparties.
Tether CEO Paolo Ardoino said the signed KPMG opinion provides evidence of the company’s financial status, going beyond its historical quarterly reserve attestations. CFO Simon McWilliams added that the Big Four audit puts Tether’s reporting under a higher standard and will push its disclosure standards even further going forward. The milestone is being read as a significant transparency upgrade for the broader stablecoin market.
