StoryOther
Tether says KPMG US completed its first full audit, of its 2025 financial statements
Tether, issuer of the largest stablecoin USDT, said KPMG US completed a full audit of its financial statements for 2025 and gave an unqualified (clean) opinion. Tether reports that reserves exceeded liabilities by $6.814 billion at 31 December 2025. Until now it had published only quarterly attestations, which check holdings at one moment; an audit examines the whole year's books, a long-standing demand of critics.
- KPMG examined the balance sheet (reserve assets and token liabilities), income, equity changes and cash flows.
- It independently tested transactions, systems, ownership records, valuations and counterparty documents, and physically counted every gold bar.
- The figures come from Tether's announcement; the release did not include the audit report or statements themselves.
- CEO Paolo Ardoino: "For years, some detractors said an audit of Tether could not be completed."