Tether, the creator of the largest stablecoin USDT, said on Thursday that it had completed its first full financial audit, fulfilling a promise of transparency despite lingering questions about the assets backing its token.
"KPMG U.S., one of the 'Big Four' audit firms, conducted an audit of Tether International's financial statements for the year ended December 31, 2025, and issued an unqualified opinion," Tether said. "This means the audit firm recognized that the statements fairly present Tether's financial position, results, and cash flows in all material respects in accordance with U.S. generally accepted accounting principles. The statements showed that Tether's reserves exceeded liabilities by $6.814 billion at the end of 2025."
A KPMG U.S. spokesperson confirmed that the firm issued an unqualified opinion on Tether International's 2025 financial statements but declined further comment due to "client confidentiality."
The audit represents a step forward from the quarterly reports Tether has published for years after settling an investigation with the New York Attorney General. A report verifies specific information, such as the amount and composition of reserves at a given date. A financial audit examines a company's accounting more broadly, checking transactions, assets, liabilities, revenues, cash flows, and supporting evidence.
In March, Tether said it had hired a Big Four audit firm to conduct its first full audit. KPMG is one of the Big Four, a group of audit giants that also includes Deloitte, EY, and PwC, which audit many of the world's largest companies.
According to the company, KPMG examined Tether's transactions, systems, valuations, counterparties, and ownership data. Auditors also conducted a physical count and inspection of gold bars.
Tether has repeatedly promised a full audit, relying on attestations of reserves, which drew criticism over why a company of its size had not undergone the same rigorous scrutiny typically applied to major financial firms.
Concerns about the stability and backing of USDT, a key piece of infrastructure for markets and crypto trading, periodically arise as a potential systemic risk for digital assets. This recurring debate has become so common in crypto circles that it has its own acronym: "Tether FUD" (fear, uncertainty, and doubt).
The situation intensified as USDT's market capitalization surpassed $180 billion, and Tether became a major buyer of U.S. government bonds to acquire reserve assets.
"For years, some critics claimed that an audit of Tether was impossible," CEO Paolo Ardoino recalled.
