Karla Barker 
Tether has completed a full independent audit of its 2025 financial statements. The audit was carried out by KPMG U.S. and ended with an unqualified opinion. That is the highest level of assurance an auditor can give. For a company that had faced years of skepticism about its reserves, this is a notable shift.
The audit covered the year ending December 31, 2025. KPMG reviewed the complete balance sheet, income statement, cash flows, and changes in equity. It did not rely only on reports from custodians. For gold reserves, KPMG physically counted and inspected each bar. The audit looked at transactions, valuations, counterparties, and records behind the numbers.
According to Tether, the audited financial statements show reserves exceeding liabilities by $6.814 billion at year-end. The audit complements the company’s quarterly reserve attestations. Those earlier reports provided some transparency, but a full audit goes much deeper. Tether says this is the largest inaugural financial audit in history, though such comparisons are hard to verify independently.
A step beyond attestations
For years, Tether published quarterly attestation reports. Those gave a limited view of the assets backing its stablecoin. The new audit is broader. It examines the company’s entire financial statements under U.S. generally accepted accounting principles. KPMG’s opinion means the auditor did not find material misstatements. That matters in an industry where trust is often fragile.
Tether’s CEO Paolo Ardoino said the company had previously been told an audit could not be completed. He described the result as proof that Tether can handle the same level of scrutiny as major traditional finance companies. The CFO Simon McWilliams said the finance team stepped into a higher league. Maybe that is a bit boastful, but the milestone itself is real.
Wider implications for stablecoins
Stablecoins are increasingly used for savings, payments, and remittances, especially in emerging markets. Tether says more than 650 million users rely on USD₮ daily. If stablecoin issuers want to be treated as serious financial infrastructure, independent audits are likely to become a baseline expectation. Tether has now set a benchmark, but it remains to be seen if others will follow at the same scale.
One lingering question is whether other audits will keep pace as Tether’s balance sheet grows. The company’s own reserves and operations are complex. A single clean opinion does not guarantee future accuracy. Still, this audit closes a long-standing gap between Tether’s claims and its public reporting.