Tether has announced the completion of a full independent audit of Tether International, S.A. de C.V.'s financial statements for the year ended December 31, 2025, conducted by KPMG U.S.
According to the company, KPMG issued an unqualified audit opinion on the financial statements, marking a significant development in Tether's financial reporting as the stablecoin issuer moves beyond its longstanding quarterly reserve attestation framework.
An unqualified opinion indicates that, in the auditor's opinion, the financial statements present fairly, in all material respects, the company's financial position and results in accordance with the applicable accounting framework.
Tether described the engagement as the largest inaugural financial audit in history and a milestone for the wider stablecoin industry.
KPMG Conducts Full Audit of Tether's 2025 Financial Statements
The audit covered Tether's financial statements for the year ended December 31, 2025, including its balance sheet, income statement, statement of changes in equity, and cash flow statement.
According to Tether, KPMG examined the transactions, systems, ownership records, valuations, counterparties, documentation, and supporting evidence underlying the company's financial statements.
The audit represents a broader level of examination than the reserve attestations Tether has historically published.
Tether had previously announced in March 2026 that it had formally engaged a Big Four accounting firm to conduct its first full independent financial statement audit.
KPMG Physically Verifies Tether's Gold Holdings
As part of the audit process, Tether said KPMG physically counted and inspected each individual gold bar included within the company's holdings.
The process included verifying the existence and identifying information of the bars rather than relying exclusively on reports provided by custodians or counterparties.
The audit also included substantive testing across Tether's broader balance sheet, including the assets supporting its reserves and liabilities associated with issued tokens.
According to Tether, the company's audited financial statements show that reserves exceeded liabilities by $6.814 billion as of the reporting period.
Tether CEO Calls Audit a Milestone for Stablecoins
Paolo Ardoino, CEO of Tether, described the completion of the financial statement audit as a defining moment for the stablecoin industry.
Ardoino said the process subjected Tether's financial reporting, assets, transactions, systems, and supporting documentation to a full independent audit conducted under professional auditing standards.
He added that the unqualified opinion represents what the company views as a significant validation of its financial reporting framework.
The audit follows years of debate surrounding transparency and financial reporting standards among major stablecoin issuers as stablecoins become increasingly integrated into global payments, trading, savings, and remittance infrastructure.
Tether Expands Beyond Quarterly Reserve Attestations
Tether has published independent attestations covering the assets backing its issued tokens for several years.
Its Q4 2025 attestation, published earlier in 2026 and prepared by BDO, reported more than $10 billion in annual profit and approximately $6.3 billion in excess reserves at the end of 2025.
The completion of the full financial statement audit represents a further step beyond those quarterly reserve reports.
Simon McWilliams, Chief Financial Officer of Tether, said the company subjected its financial statements to Big Four audit scrutiny as part of a broader effort to strengthen financial governance and reporting.
According to McWilliams, the audited statements report reserves exceeding liabilities by $6.814 billion.
Stablecoin Transparency Comes Into Focus
The development comes as stablecoins play an increasingly significant role across the global digital asset economy.
Stablecoins are widely used for cryptocurrency trading, cross-border payments, remittances, savings, settlement, and access to U.S. dollar-denominated value, particularly in markets where traditional financial infrastructure or dollar access may be limited.
Tether says more than 650 million users globally now rely on USD₮, with significant adoption across emerging markets.
As stablecoin usage increases, scrutiny surrounding reserve composition, governance, financial reporting, liquidity, and independent verification has also intensified.
A full financial statement audit introduces a wider scope of independent examination than a reserve attestation and can include financial statements, transactions, controls, valuation evidence, liabilities, and supporting accounting records.
A New Stage for Tether's Financial Reporting
The completion of the 2025 audit represents a major development in Tether's evolution from a stablecoin issuer into a broader digital asset and financial infrastructure company.
Tether has expanded its operations across stablecoins, tokenised assets, artificial intelligence, telecommunications, energy, and other technology sectors while USD₮ remains the largest component of its digital asset ecosystem.
For the wider stablecoin market, the audit may also increase expectations around the level of financial disclosure and independent scrutiny applied to major issuers.
As stablecoins become more deeply embedded within global financial infrastructure, transparency, reserve quality, risk management, and independent financial oversight are likely to remain central issues for regulators, institutions, users, and market participants.
About Tether
Tether is a digital asset company and the issuer of USD₮, one of the world's largest U.S. dollar-denominated stablecoins.
The company develops digital financial infrastructure focused on stablecoins, tokenised assets, payments, financial access, and other technology initiatives serving users across global markets.
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