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FollowingTether International has completed its first comprehensive financial statement audit, KPMG U.S. An unqualified opinion was issued on the stablecoin issuer's annual accounts for the year ended December 31, 2025.
KPMG audit covers reserves, trading and gold positions
This audit covers Tether International's balance sheet, income statement, statement of changes in equity and cash flow statement, including reserve assets held for issued tokens and the liabilities represented by those tokens. KPMG concluded that the statement fairly reflects the company's financial position in all material respects in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP). The milestone completed the process that Tether started in March this year, when it hired a big four accounting firm for the first time to conduct an independent comprehensive audit, but the identity of the auditor had not yet been disclosed.
KPMG's audit went beyond Tether's previous quarterly reserve verification and conducted an in-depth review of transaction records, ownership certificates, valuations, counterparties, systems and supporting documents in the company's financial statements. In addition, KPMG actually inspected and counted every gold bar held by Tether and checked the identification information of the precious metal, rather than relying solely on the records of the custodian. Tether has increased its physical gold holdings to approximately 150 tons during 2026 and has become a major private gold holder.
Based on audited 2025 accounts, Tether's reserves exceeded its liabilities by $6.814 billion. This figure precedes the company's latest quarterly balance sheet, which showed that as of the end of June 2026, the reserve buffer was US$4.11 billion and the USDTs in circulation were approximately 184.6 billion.
Auditing replaces the reporting model that relied solely on assurance for many years
For many years, Tether has been issuing independent reserve assurance reports, most recently issued by BDO, but these reports only focus on reserve information for specific reporting dates, rather than the company's complete annual financial statements. This time, KPMG's audit work was based on professional standards, implemented audit procedures on a wider range of financial accounts, and issued audit opinions on the overall financial statements. An unqualified opinion means that the auditor believes that the financial statements are fairly presented in all material respects and no qualified opinions or negative conclusions are identified.
The audit was completed as Tether was also shrinking some marginal products while expanding its core reserves and tokenization businesses. The company has recently begun to gradually shut down the USD and Alloy platforms, and has made USDT and Tether Gold the core of its financial operations.
Tether endorses reserve account in the name of KPMG
Paolo Ardoino said the completion of the audit was a strong response to years of doubts about Tether's ability to undergo the same financial review as large traditional companies. The audit specifically targeted Tether International, S.A. de C.V.-- Its financial statements and token-related reserves were reviewed rather than conducting a comprehensive audit of all Tether Group companies or businesses. Tether said that more than 650 million users around the world currently use USDT, and audited 2025 accounts show that reserves exceed liabilities by US$6.814 billion.
