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Tether completes first full KPMG audit for El Salvador entity

KPMG issued an unqualified opinion for the year ended Dec. 31, 2025, valuing reserves above liabilities at $6.814 billion, but Tether has not published the underlying statements or opinion letter.

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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.

The review, conducted under U.S. GAAP, covered one legal entity for one fiscal year, and the transparency page has not been updated to include the KPMG materials, with Tether releasing neither the statements nor the opinion letter. Tether’s chief financial officer, Simon McWilliams, said the audited result showed reserves above liabilities of $6.814 billion as of Dec. 31, 2025.

The article said the audited figure is $476 million higher than the number Tether reported for the same date in its quarterly attestation, though the two calculations use different accounting frameworks, with the reserves report relying on IFRS recognition and measurement principles while KPMG audited to U.S. GAAP.

Tether said KPMG physically counted and inspected every individual gold bar held by the company, rather than relying only on custody or counterparty reports. It also noted that its prior BDO assurance focused on sample-based work and that Tether’s KPMG scope included balance sheet, income statement, statement of changes in equity, and cash flow statements.

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