KPMG signs off on Tether's 2025 books with an unqualified opinion

Tether said on Thursday that KPMG U.S. completed a full audit of its 2025 financial statements and issued an unqualified opinion. 

The audit in question is the first full one the company has experienced, despite USDT being the world’s largest stablecoin with more than $180 billion in circulation.

What did KPMG’s audit of Tether reveal?

KPMG has issued an unqualified opinion following its audit of Tether International, S.A. de C.V. for its 2025 financial year. 

USDT has faced debate about whether the reserves behind the token were really there, but the audited statements now show that Tether had reserves exceeding liabilities by $6.814 billion at year-end. 

KPMG auditors examined the transactions, systems, valuations, counterparties, and ownership records behind those numbers and even went to the vault to physically inspect each of Tether’s gold bars.

This is Tether’s first full audit, but the company has published quarterly reserve attestations for years. It most recently published a Q2 2026 report prepared by BDO. It disclosed in March that it had hired a Big Four firm without naming it, and KPMG was identified days later. PwC helped prepare the company’s internal systems for the process.

Why have Tether’s reserves been questioned? 

In February 2021, Tether settled with the New York Attorney General for $18.5 million over a shortfall in its finances. That October, the Commodity Futures Trading Commission (CFTC) fined the company $41 million over claims that USDT was fully backed by U.S. dollars.

The recurring doubt became common enough that crypto traders gave it a name, “Tether FUD.” DefiLlama data puts USDT’s market capitalization near $183 billion, with more than 90 billion of that on Tron and roughly 74 billion on Ethereum. 

Tether has also become one of the largest private holders of U.S. Treasuries through the reserves backing that supply.

Notably, the unqualified opinion given by KPMG means it found the financial statements to be fairly presented and in conformity with applicable accounting standards, but this does not guarantee the future financial health of the company or absolute safety for USDT holders. 

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