- Tether gets its first full audit, giving investors a closer look at its finances.
- KPMG found Tether’s 2025 financial statements fairly represented its position.
- The audit marks a shift from Tether’s earlier reserve attestations and reporting.
Tether has completed its first full financial statement audit, giving investors and regulators a closer look at the finances behind the world’s largest stablecoin issuer.
KPMG issued an unqualified opinion on Tether International’s 2025 accounts, meaning the auditor found the statements fairly presented the company’s financial position as of Dec. 31, 2025. The review covered Tether’s assets, liabilities and transactions, with KPMG testing evidence supporting the reported figures.
KPMG Examines Tether’s Reserves
KPMG inspected Tether’s gold holdings and reviewed its balance sheet, income statement and cash-flow records as part of the audit.
Tether reported that its assets exceeded liabilities by $6.814 billion at the end of 2025. The audit provides a broader review than the reserve attestations the company has previously published.
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“This is a defining moment for the stablecoin industry,” Tether CEO Paolo Ardoino said.
Ardoino said the audit would help address long-running criticism of Tether’s financial transparency and provide a clearer picture of the assets supporting its operations.
Audit Marks a Shift
Tether pledged to complete a full audit in 2017 but never finalized one with Friedman LLP. The company later relied on reserve attestations from BDO Italia, which provided periodic snapshots of its reserves rather than a full examination of its financial statements.
Tether has also faced regulatory scrutiny. In 2021, it settled with New York authorities and agreed to pay a $41 million penalty to the Commodity Futures Trading Commission.
The KPMG audit marks a significant shift in Tether’s financial reporting, giving the market a more detailed independent assessment of its finances.
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