- KPMG issued an unqualified opinion on Tether International’s 2025 accounts.
- Tether reported a $6.814 billion reserve surplus over token liabilities.
- KPMG inspected Tether’s transactions, systems, assets and physical gold.
Stablecoin issuer Tether has completed its first full independent financial audit, with KPMG U.S. issuing an unqualified opinion. The Tether audit covered Tether International, S.A. de C.V., the entity that issues USDT. KPMG reviewed the company’s 2025 financial statements under AICPA standards. Tether said the audit covered its full accounts rather than a reserve snapshot.
Tether Audit Covers Full 2025 Accounts and USDT Reserves
In a press release, Tether’s audit examined the balance sheet, income statement, changes in equity, and cash flow statement. KPMG also tested transactions, ownership records, valuations, counterparties, systems and supporting documents. The firm found that the statements fairly presented Tether International’s financial position under U.S. GAAP.
Tether CFO Simon McWilliams said reserves exceeded token-related liabilities by $6.814 billion at the end of 2025. The KPMG audit also included direct checks of physical gold holdings. Auditors counted each gold bar and verified its identifying information rather than relying solely on custodian records.
The Tether audit differs from reserve attestations Tether has published through BDO Italia. Those reports examine reserves and liabilities at a specific date. The new engagement reviewed a full financial year and evidence supporting the issuer’s accounts.
Tether Audit Arrives as US Stablecoin Rules Take Shape
Tether began preparing for a full audit after appointing a Big Four firm in March 2026. The company had promised a full financial audit years earlier but had only released reserve attestations. The Tether audit now gives investors a broader view of the USDT issuer’s 2025 finances.
The timing also comes as Tether expands its U.S. strategy. The company introduced USAT as a separate dollar-backed stablecoin for the American market. Anchorage Digital Bank issues USAT, while Cantor Fitzgerald serves as reserve custodian.
The GENIUS Act sets federal rules covering payment stablecoin reserves, disclosures and supervision. The Tether audit does not determine USDT compliance under those rules. Federal agencies still need to complete parts of the framework governing foreign stablecoin issuers.
Tether said its user base has grown above 650 million. The company links much of that use to payments, savings, remittances and dollar access across emerging markets.
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