Tether has completed its first full independent financial statement audit, conducted by KPMG U.S. for the fiscal year ended December 31, 2025. The stablecoin firm issued an unqualified audit opinion, the most favorable outcome possible, confirming that Tether International, S.A. de C.V.’s financial statements fairly present its financial position, results of operations, and cash flows in accordance with U.S. GAAP.
Tether describes this engagement as the largest inaugural financial audit in history, marking a significant shift from its previous practice of releasing only quarterly reserve attestations. KPMG conducted a comprehensive examination of Tether’s full balance sheet, income statement, changes in equity, and cash flows, rather than limiting the review to reserve snapshots.
The audit involved substantive testing of transactions, systems, valuations, counterparties, and ownership records. Notably, auditors physically counted and inspected every individual gold bar held in Tether’s reserves to verify existence and identifying information, moving beyond reliance on custodian reports.
The audited financials revealed that Tether’s reserves exceeded its liabilities by $6.814 billion as of December 31, 2025. This surplus validates the company's public attestation reports and provides an independent assessment of its financial health after years of scrutiny regarding the composition and stability of the assets backing USDT, the world’s largest stablecoin by market capitalization.
The audit process began in March 2026, with PwC previously involved in preparing Tether’s internal systems for the review.
"Despite our Company being subject to several years of detractors’ false claims, competitors lies, political attacks and misinformed coverage by several mainstream newspapers trying desperately to discredit us for the benefit of their friends in the tall ivory towers, Tether delivered what it promised: a full financial audit issued by a Big Four accounting firm, KPMG U.S." CEO Paolo Ardoino wrote in part on X.