Tether has completed its first independent financial statement audit by KPMG U.S., marking a major transparency milestone for the largest stablecoin issuer by market capitalization. The review covered the company's full 2025 financial statements rather than only reserve reports, and KPMG issued an unqualified opinion, the least adverse audit opinion.

The audit is notable because Tether's USDT token occupies a central role in global cryptocurrency trading liquidity, and the company has for years faced scrutiny over whether its reserves fully backed its issued tokens. Prior to this audit, Tether had relied on quarterly attestations from independent firms, which provide point-in-time snapshots but are narrower in scope than a full financial statement audit conducted under U.S. generally accepted accounting principles.

KPMG U.S. audited Tether International, S.A. de C.V. for the year ended December 31, 2025. The auditor concluded that Tether's financial statements fairly present the company's financial position, results and cash flows in all material respects under U.S. generally accepted accounting principles.

The audit went beyond the attestations Tether has published for years. According to the report, KPMG examined the company's balance sheet, income statement, changes in equity and cash flows. The process also covered transactions, ownership records, asset valuations, counterparties, internal systems and supporting documentation.

Tether said the audited statements show that its reserves exceeded its liabilities by $6.814 billion at the end of 2025.

KPMG also verified Tether's physical gold reserves by conducting an actual count of the individual gold bars held by the company, in addition to relying on information from custodians and counterparties. The auditor confirmed the existence of the bars and the related information as part of its review of the company's assets.

On Tuesday, Tether CEO Paolo Ardoino said the signed opinion is evidence of the company's financial status, in addition to its earlier reserve attestations, and emphasized the importance of the audit for both Tether and the stablecoin sector.

Tether CFO Simon McWilliams said the company has now been placed under the scrutiny of a Big Four accounting firm and plans to raise its reporting standards further going forward.

McWilliams also said the breadth of the review is what matters to the stablecoin industry. Quarterly reserve attestations focus mainly on whether assets supporting issued tokens are present at a given time, while a full financial statement audit evaluates financial assets, liabilities, transactions, income and cash flows as well.

The distinction between attestations and full audits has been a longstanding point of debate across the stablecoin sector, and the completion of a Big Four audit may set a reference point as regulators in multiple jurisdictions develop frameworks that could impose stricter reporting and auditing requirements on token issuers.

With the independent KPMG opinion now complete, Tether said it has a clearer financial picture for 2025 and a reported surplus of $6.814 billion.