Tether Completes First Independent Audit with Unqualified Opinion from KPMG

Tether, the issuer of the popular stablecoin USDT, has completed its first independent financial audit. The audit was conducted by KPMG and issued an unqualified opinion on Tether's 2025 financial statements.

The audit is a significant milestone for Tether, with CEO Paolo Ardoino calling it 'a defining moment' for the stablecoin industry. Ardoino claimed that detractors had accused Tether of being unable to complete an audit and refusing to submit itself to rigorous scrutiny.

The audit process included KPMG physically counting and inspecting every individual gold bar held by Tether, as well as examining the company's reserves backing the USDT stablecoin and its Tether Gold token. The CFO, Simon McWilliams, echoed Ardoino's sentiments, describing the audit as a 'landmark' moment for the company and the industry.

The audit corroborates Tether's 2025 report, which showed that its reserves exceed liabilities by $6.814 billion. This comes as Tether eyes expansion in the US, particularly with the launch of its GENIUS-Act-compliant USAT stablecoin at the start of the year.