Tether Secures First Full Audit with Unqualified Opinion from KPMG U.S.

Tether, the issuer of the world's largest stablecoin USDT, has finally completed its first full independent audit by KPMG U.S. The audit covered Tether International, S.A. de C.V.'s financial statements for the year ended December 31, 2025, and issued an unqualified opinion, also known as a clean bill of health.

The engagement was significant because it tested the complete accounts under professional standards and produced a formal opinion. KPMG examined transactions, internal systems, asset ownership, valuations, counterparties, and supporting documentation, including physically counting and inspecting every individual gold bar held by Tether.

Tether's reserves exceeded liabilities by $6.814 billion at the end of 2025, which is higher than the $6.34 billion surplus reported in the company's Q4 2025 attestation for the same balance sheet date. The audited figures show that Tether holds over 146 tons of physical gold worth approximately $20.5 billion.

The audit milestone follows a long history of regulatory scrutiny, including settlements with the New York Attorney General's office and the Commodity Futures Trading Commission. The lack of a full audit had weighed on Tether's fundraising ambitions, but the company has now obtained up to $500 billion valuation in the past year.