Tether has announced that KPMG U.S. has completed its first independent audit of the company’s 2025 financial statements, issuing an unqualified opinion on the issuer behind the world’s largest stablecoin, USDT.
The announcement on August 13 represents a significant step in Tether’s long-running efforts to strengthen transparency around the assets backing its dollar-pegged cryptocurrency. The audit comes as stablecoins face increasing scrutiny from regulators, institutional investors and financial institutions.
KPMG Issues Unqualified Audit Opinion
According to Tether, KPMG U.S. issued an unqualified opinion on the financial statements of Tether International for the year ended December 31, 2025.
An unqualified opinion is generally considered a clean audit result, indicating that financial statements fairly represent a company’s financial position in accordance with applicable accounting standards, including U.S. GAAP.
Tether said the audit covered more than its headline reserve figures. KPMG reviewed the company’s balance sheet, assets backing issued tokens, liabilities, income statement, changes in equity and cash flows.
The audit also examined transactions, internal systems, ownership documentation, asset valuations, counterparties and supporting evidence.
One of the more notable aspects was the physical inspection of Tether’s gold holdings. The company said KPMG physically counted and inspected its gold bars rather than relying exclusively on information supplied by custodians or counterparties.
Tether’s audited financial statements showed that its assets exceeded liabilities by approximately $6.814 billion at the end of 2025.
Why the Audit Is Significant for USDT
The audit represents an important development for Tether because USDT has become a central component of the global digital-asset market.
The stablecoin is widely used on cryptocurrency exchanges, digital wallets and payment platforms, while also playing an important role in cross-border transactions and markets where access to U.S. dollar-based financial services can be limited.
With the overall stablecoin market approaching $300 billion, USDT remains the dominant player, with its market capitalization around $183 billion and a market share of nearly 59%.
Because of this scale, questions surrounding Tether’s reserves have implications beyond the company itself.
Tether has faced scrutiny for years over its reserve disclosures. While the company regularly published reserve attestations, the absence of a comprehensive financial statement audit from a major accounting firm had remained a point of concern for some investors and regulators.
KPMG’s clean opinion could help address part of that long-standing transparency gap as stablecoins increasingly become integrated into mainstream financial infrastructure.
From Reserve Attestations to a Full Financial Audit
Before the KPMG engagement, Tether primarily relied on periodic reserve attestation reports, including reports prepared by BDO Italia.
An attestation and a full financial statement audit serve different purposes. An attestation generally provides assurance about specific information or balances, often at a particular reporting date. A full audit takes a broader approach, examining financial statements, transactions, assets, liabilities, accounting practices and supporting evidence over an accounting period.
For a stablecoin issuer, this distinction is particularly important.
The question is not simply whether an issuer has enough assets to support its tokens on a specific day. Investors and regulators also need to understand how those assets are valued, controlled and recorded, as well as how liabilities and cash flows are represented in the company’s financial statements.
Tether said the KPMG audit complements its existing quarterly reserve reporting. However, the two forms of reporting provide different information and should not be viewed as interchangeable.
U.S. Stablecoin Regulation Raises the Stakes
Tether’s announcement comes as the United States moves toward stricter regulation of stablecoin issuers.
The GENIUS Act, signed into law on July 18, 2025, established requirements for stablecoin issuers concerning reserves, reporting and financial oversight.
Under the framework, issuers with more than $50 billion in circulating stablecoins are subject to annual GAAP financial statements audited by a registered public accounting firm, along with additional reporting obligations.
With USDT’s circulation far above that threshold, Tether faces significantly greater expectations for financial transparency.
The regulatory shift is also increasing competition around compliance and institutional credibility. Companies such as Circle and Paxos have emphasized regulated operations and transparency as they pursue relationships with financial institutions and large corporate users.
KPMG’s audit gives Tether an additional layer of independent verification at a time when transparency is becoming an increasingly important differentiator in the stablecoin sector.
What Happens Next for Tether?
The completion of the first full audit does not necessarily end questions about Tether’s transparency.
Market participants will likely pay close attention to how much of the audited financial statements Tether makes publicly available, including detailed notes, valuation information, audit procedures and other supporting disclosures.
The consistency of future audits will also be important.
Tether’s Q2 2026 results showed continued growth, with the company reporting $1.5 billion in net operating profit and approximately $184.6 billion in issued USD₮, while its reserve buffer was reported at around $4.11 billion.
As USDT continues to expand, maintaining independent financial audits could become just as important as completing the first one.
For Tether, the KPMG opinion marks a major step toward addressing long-standing concerns over financial transparency. The next challenge will be demonstrating that this level of independent oversight becomes a consistent part of its reporting framework rather than a one-time milestone.
