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KPMG issues unqualified opinion on Tether’s 2025 financial statements
Tether said the audit included physical counting and inspection of every gold bar used in its reserves verification.
Tether said KPMG issued an unqualified, or clean, audit opinion on Tether International’s 2025 financial statements, calling it the “largest inaugural financial audit in history.” The company said the review examined its assets, liabilities, income, cash flows, internal systems, records, counterparties, and supporting documentation.
Tether added that KPMG physically counted and inspected every individual gold bar held by the company, including verification of each bar’s existence and identifying information, rather than relying only on reports from custodians or counterparties.
The announcement comes amid the long running debate over whether USDT reserves are fully backed. Tether also noted prior regulatory and legal scrutiny, including a February 2021 settlement with the state of New York that involved an $18.5 million fine, and an October 2021 Commodity Futures Trading Commission penalty of $41 million related to claims that USDT was fully backed by U.S. dollars.
An unqualified opinion means auditors found no major problems with how the financial statements were presented, Tether said, while emphasizing that the result does not guarantee the company can meet obligations. Tether framed the audit as evidence that its governance and financial controls have scaled with its growth, according to the company.
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