Tether completes first full financial audit with KPMG approval

Tether completes its first full independent financial audit. Accountancy firm KPMG US has reviewed Tether International’s 2025 financial statements and issued an unqualified opinion, the most favourable outcome an auditor can give.

In short:

• KPMG US carries out the first full independent audit of Tether and issues a positive opinion
• Tether’s reserves exceed liabilities by $6,814 billion at the end of 2025
• The audit included physical inspection of every gold bar in Tether’s possession

What the audit involved

KPMG examined Tether International’s financial position, operating results and cash flows in accordance with the US accounting standard US GAAP. According to Tether, the audit encompassed extensive testing of assets, liabilities, transactions, valuations and the underlying records.

A notable element of the audit is the physical inspection of every gold bar held by Tether. This goes beyond a paper-based review and demonstrates that the accountants genuinely verified the presence of the physical collateral.

Reserves comfortably exceed liabilities

The audited financial statements show that Tether’s reserves exceeded outstanding liabilities by $6,814 billion at the end of 2025. This means there is more than sufficient backing for every outstanding USDT.

KPMG’s unqualified opinion is the most favourable assessment an independent accountant can issue. Tether says this is the first time the company has had a full annual financial audit conducted by an external party, something that was a long-standing point of criticism from the crypto sector.