Key facts
- Tether has completed its first independent financial audit for the 2025 fiscal year.
- KPMG issued an unqualified opinion on Tether's 2025 financial statements.
- The audit confirmed Tether's reserves exceeded liabilities by $6.814 billion.
- KPMG conducted a physical inspection of Tether's gold reserves.
Tether, the issuer of the USDT stablecoin, has announced the completion of its first independent financial audit for the 2025 fiscal year. The audit, conducted by KPMG U.S., resulted in an unqualified opinion, signifying that the financial statements fairly present Tether's financial position, results, and cash flows in all material respects under U.S. generally accepted accounting principles. KPMG reportedly performed a thorough examination, including the physical counting and inspection of all gold bars held by Tether, as well as a review of the reserves backing USDT and its Tether Gold token. This marks a significant milestone for Tether, which has faced scrutiny over its reserves in the past. CEO Paolo Ardoino hailed the audit as a "defining moment" for the stablecoin industry, asserting that it proves detractors wrong and sets a new standard. The statements showed Tether's reserves exceeded liabilities by $6.814 billion at the end of 2025.