KPMG issues unqualified audit of Tether’s 2025 accounts

KPMG U.S. completed a full audit of Tether International S.A. de C.V.’s financial statements for the year ended Dec. 31, 2025, and issued an unqualified opinion. Tether reported that its reserves exceeded token liabilities by $6.814 billion at that date and said the audit found no material misstatements under U.S. accounting rules.

KPMG concluded the financial statements fairly presented the company’s financial position, operating results and cash flows in all material respects. The firm reviewed Tether’s balance sheet, income statement and cash flows, along with ownership records, asset valuations and counterparties. Auditors also physically counted and inspected each gold bar held by Tether rather than relying solely on custodian records.

Tether had previously published quarterly reserve attestations, which confirm specified information at a point in time. A financial statement audit examines a broader set of records, transactions and internal controls and provides an opinion on whether the overall financial statements are presented fairly in accordance with accounting standards.

Paolo Ardoino, Tether’s chief executive, described the audit as answering long-running criticism about whether the company would submit to a full independent review and wrote that the work “sets a new standard for the industry.” Simon McWilliams, the company’s chief financial officer, noted the audited statements supported prior reserve attestations.

Tether characterized the engagement as the largest inaugural financial audit in history; the company’s announcement did not include independent verification of that claim. KPMG’s unqualified opinion does not remove the possibility of future financial or business risks or later discoveries that could change earlier conclusions.

Regulators, investors and market participants will watch whether Tether continues to publish audited results and whether other stablecoin issuers adopt similar reporting. Stablecoins are used for payments, remittances, savings and trading, and issuer disclosures about reserves affect how users and markets assess token backing.