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Tether completes first full KPMG audit, but does not publish documents

KPMG issued an unqualified opinion for Tether International, S.A. de C.V. for the year ended Dec. 31, 2025, after physically counting and inspecting each gold bar, while Tether has yet to release the opinion letter or underlying statements.

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Tether said KPMG U.S. issued an unqualified opinion on the financial statements of Tether International, S.A. de C.V. for the year ended Dec. 31, 2025, marking the first full financial statement audit in the company’s history, according to The Defiant.

Tether said the audited figure showed $6.814 billion in reserves above liabilities as of Dec. 31, 2025, which the company put $476 million higher than the number it previously reported for the same date in its quarterly attestation. The outlet also noted that Tether has not published the underlying documents, and its transparency page still lists only BDO assurance reports, with no KPMG opinion letter or statements linked.

The Defiant reports that while Tether framed the audit broadly, the scope was narrower than some critics implied. KPMG audited a single legal entity for one fiscal year under U.S. GAAP, and the announcement did not provide the audited statements.

According to Tether’s release as summarized by The Defiant, KPMG physically counted and inspected each gold bar held by Tether, identifying and verifying each bar rather than relying only on custodians or counterparties’ reports. The same summary says the prior BDO assurance, which applies IFRS recognition and measurement, reflected total assets of $192.88 billion against total liabilities of $186.54 billion, leaving $6.338 billion in equity, but the frameworks differed and BDO’s engagement did not include notes or a going-concern view.

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