Tether stated that KPMG, one of the Big Four accounting firms, has issued an unqualified audit opinion on Tether International’s 2025 financial statements. The company referred to this as its first full financial audit, noting that the audit covered assets, liabilities, income, cash flows, internal systems, and counterparty information.
This disclosure comes as Tether continues to expand its U.S. operations. Given longstanding questions about the authenticity of USDT reserves, transparency of disclosures, and internal controls over the past several years, this audit result has drawn significant attention from the stablecoin market.
An unqualified opinion has been issued.
The company disclosed that an unqualified opinion means the auditor believes there are no material issues with the presentation of the financial statements. This type of conclusion is generally regarded as the standard positive outcome in an audit.
However, this does not mean that the auditing firm endorses the company’s business model or guarantees its future solvency. The report notes that this conclusion primarily addresses whether the financial statements are presented in accordance with applicable requirements.
Reserve issues have long been questioned.
Tether's reserves and disclosure practices have previously sparked regulatory and market controversy, which is why external parties continue to closely monitor its audit progress.
- Settled with New York State in February 2021, paying an $18.5 million fine
- Fined $41 million by the CFTC in October 2021
- In March 2026, it was announced that the Big Four accounting firms had been engaged to participate in the audit.
Subsequently, KPMG was confirmed to handle the USDT audit, while PwC assisted the company in preparing its internal systems.
Audit covers gold reserve verification
Tether also stated that KPMG physically counted and inspected each gold bar in its possession during the audit, rather than relying solely on reports provided by custodians or counterparties. This statement is intended to indicate that the audit scope extended beyond documentary records.
The company stated that this audit demonstrates its governance and financial controls have scaled in tandem with its business growth. Tether’s CEO, Paolo Ardoino, also posted on social media that the company has fulfilled its prior commitment to undergo an audit.
Additional information: The report notes that Tether described this audit as "the largest initial financial audit in history," but this statement comes solely from the company's own claim.