KPMG endorses Tether: first full audit receives an “unqualified opinion”
On August 14, stablecoin issuer Tether announced on Thursday that KPMG U.S. has completed the full set of audited financial statements for Tether International’s 2025 financial year for USDT’s primary issuing entity. KPMG issued an “unqualified opinion” on Tether’s financial statements, marking the first complete independent financial audit officially put into practice by Tether in its operations over the years.
A spokesperson for KPMG U.S. confirmed that this audit strictly followed the standards of the American Institute of Certified Public Accountants, covering all of Tether International’s financial position, including a complete balance sheet, income statement, statement of changes in equity, and cash flow statement.
The audit results show that as of the end of 2025, Tether’s reserves exceeded its liabilities by $6.8 billion, indicating a sound financial position.
Notably, KPMG performed a physical inventory check and inspection of every gold bar held by Tether, rather than relying solely on third-party reports, reflecting the rigor of the audit.
Ardoino emphasized in particular that this audit covered the issuing entity’s “complete financial statements.” Each line item underwent independent substantive testing and verification—not sampling or selective review. For a company that has repeatedly promised since 2017 that an audit is “imminent,” the significance of this process is self-evident.
Looking back, Tether has repeatedly faced regulatory penalties over transparency issues. In 2017, Tether first hired Friedman LLP to conduct a financial audit, but the cooperation was terminated before it was completed. Since then, years of repeated statements that an audit was “imminent” failed to materialize.
Entering 2021, Tether reached settlements with the New York State Attorney General and the CFTC in connection with allegations related to its reserves, paying a total of nearly $60 million in fines.
After that, Tether began publishing regular reserve attestations prepared by BDO Italia, but such reports are only “snapshots” at specific points in time—not a full-year financial audit.
In March of this year, Tether announced that it had hired one of the “Big Four” accounting firms to conduct its first financial audit, without disclosing the specific name at the time—now, of course, it is obvious.
In summary, this audit result not only strengthens investors’ confidence in Tether and USDT, but also sets a new transparency benchmark for the entire stablecoin industry, and may even encourage more institutional investors to enter the crypto space.
#毕马威Tether审计报告
On August 14, stablecoin issuer Tether announced on Thursday that KPMG U.S. has completed the full set of audited financial statements for Tether International’s 2025 financial year for USDT’s primary issuing entity. KPMG issued an “unqualified opinion” on Tether’s financial statements, marking the first complete independent financial audit officially put into practice by Tether in its operations over the years.
A spokesperson for KPMG U.S. confirmed that this audit strictly followed the standards of the American Institute of Certified Public Accountants, covering all of Tether International’s financial position, including a complete balance sheet, income statement, statement of changes in equity, and cash flow statement.
The audit results show that as of the end of 2025, Tether’s reserves exceeded its liabilities by $6.8 billion, indicating a sound financial position.
Notably, KPMG performed a physical inventory check and inspection of every gold bar held by Tether, rather than relying solely on third-party reports, reflecting the rigor of the audit.
Ardoino emphasized in particular that this audit covered the issuing entity’s “complete financial statements.” Each line item underwent independent substantive testing and verification—not sampling or selective review. For a company that has repeatedly promised since 2017 that an audit is “imminent,” the significance of this process is self-evident.
Looking back, Tether has repeatedly faced regulatory penalties over transparency issues. In 2017, Tether first hired Friedman LLP to conduct a financial audit, but the cooperation was terminated before it was completed. Since then, years of repeated statements that an audit was “imminent” failed to materialize.
Entering 2021, Tether reached settlements with the New York State Attorney General and the CFTC in connection with allegations related to its reserves, paying a total of nearly $60 million in fines.
After that, Tether began publishing regular reserve attestations prepared by BDO Italia, but such reports are only “snapshots” at specific points in time—not a full-year financial audit.
In March of this year, Tether announced that it had hired one of the “Big Four” accounting firms to conduct its first financial audit, without disclosing the specific name at the time—now, of course, it is obvious.
In summary, this audit result not only strengthens investors’ confidence in Tether and USDT, but also sets a new transparency benchmark for the entire stablecoin industry, and may even encourage more institutional investors to enter the crypto space.
#毕马威Tether审计报告