Tether said KPMG U.S. completed the first full independent audit of its financial statements and issued a clean opinion, a milestone in the long-running Tether KPMG audit debate over the reserves backing the USDT stablecoin.
Tether says KPMG completed its first full audit with a clean opinion
Tether announced on August 13, 2026 that KPMG U.S. completed a full independent audit of the financial statements of Tether International, S.A. de C.V. for the year ended December 31, 2025, according to the company.
The firm issued what the company described as a clean opinion, which in audit terms means an unqualified opinion. That is the most favorable outcome an auditor can give, signaling the statements are presented fairly in all material respects.
The audited entity is Tether International, S.A. de C.V., the issuer named in the engagement. Tether said the review covered its annual financial statements rather than a limited reserve snapshot.
A KPMG U.S. spokesperson separately confirmed to The Block that it issued an unqualified opinion on Tether International’s financial statements for the year ending December 31, 2025, in accordance with AICPA standards, the outlet reported. That on-record confirmation from the auditor sits alongside Tether’s own characterization of the result.
This follows Tether’s earlier disclosure that it had completed a Big Four audit of the finances behind USDT, a step the company had signaled for months.
What the audited financial statements say about Tether’s reserves
Tether said its audited financial statements for the year ended December 31, 2025 showed reserves exceeding liabilities by $6.814 billion.
That buffer is the surplus of reserve assets over the liabilities represented by tokens in circulation. It is the clearest article-specific figure disclosed from the audited statements.
The audit covered the complete set of statements, including the full balance sheet, income statement, statement of changes in equity, and cash flow statements. That scope goes beyond a reserves-only view of the company’s finances.
As part of the process, Tether said KPMG physically counted and inspected every individual gold bar held by the company. The detail is a tangible example of the audit procedures applied to Tether’s harder-to-value holdings, and echoes the firm’s broader push into gold-linked products such as its gold token XAUt.
Tether described the completed engagement as the largest inaugural financial audit in history, though that is a company characterization that was not independently verified in the available evidence.
Why this audit matters more than Tether’s earlier attestations
Tether had long faced questions about the reserves backing USDT, and for years relied on periodic reserve attestations rather than a full financial statement audit. The distinction is central to why the announcement carries weight.
An attestation examines a snapshot of reserves at a point in time and offers limited assurance on a narrow set of figures. A full financial statement audit tests the complete accounts under professional standards and produces a formal opinion, as KPMG did here.
The Big Four angle matters because engaging a firm like KPMG subjects the issuer to a widely recognized audit framework. It does not by itself resolve every question about the company, but it raises the bar from the attestation model Tether used before, a shift it had flagged when it began eyeing a breakthrough audit with Big Four firms.
The context is regulatory as well as accounting. Tether settled with the New York Attorney General in 2021 and paid a $41 million CFTC fine over misleading statements about USDT’s backing, after which it leaned on reserve attestations rather than a full audit.
How the market may read the audit milestone for USDT
USDT traded near $0.999 at the time of the research snapshot, holding close to its dollar peg. For a stablecoin, the relevant read is confidence rather than price movement.
USDT remains the largest stablecoin by market capitalization, so a formal audit result speaks to transparency around the asset most widely used across crypto trading. The relevant takeaway is improved disclosure, not a guarantee of safety.
Compared with prior reserve updates, including a quarter in which Tether reported that its excess reserves fell by more than $4 billion, a completed audit is a stronger validation event because it applies an independent opinion to the full accounts. That framing is about credibility, not a forecast of price or regulatory outcomes.
FAQ About Tether’s First Full Audit
What is a clean opinion?
A clean opinion, formally an unqualified opinion, is the most favorable conclusion an auditor can issue. It indicates the financial statements are presented fairly in all material respects under the applicable standards.
What is the difference between an audit and an attestation?
An attestation reviews a limited set of figures, typically reserves at a point in time. A full financial statement audit tests the complete accounts and produces a formal opinion, which is what Tether says KPMG delivered.
What did Tether say about reserves?
Tether said its audited 2025 statements showed reserves exceeding liabilities by roughly $6.8 billion, with the audit covering the full balance sheet, income statement, equity statement, and cash flow statements.
Did KPMG publish the full audit report publicly?
The underlying KPMG audit report was not located as a publicly accessible document in the available evidence. The reporting here relies on Tether’s announcement and the separate confirmation from a KPMG spokesperson.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
