Tether Completes the Largest Inaugural Financial Audit

Tether, the issuer of USDT, the world’s largest stablecoin by market capitalization, announced the successful completion of a full independent audit of the financial statements of Tether International S.A. de C.V. for the 2025 fiscal year. The audit was conducted by KPMG U.S., one of the Big Four accounting firms, which issued an unqualified audit opinion.

The audit was conducted in accordance with U.S. professional standards and covered:

• financial statements;
• operations;
• internal systems;
• documentation;
• asset ownership structure;
• reserve valuation;
• counterparty information;
• supporting documentation.

KPMG reviewed the balance sheet, income statement, cash flow statement, statement of changes in equity, the assets backing issued tokens, and the company’s liabilities.

The audit also included a physical inspection of Tether’s gold reserves. KPMG auditors personally counted and verified every gold bar owned by the company, confirming its existence and identifying characteristics instead of relying solely on documentation provided by custodians.

According to the audited financial statements, as of December 31, 2025, the value of Tether’s reserves exceeded the company’s liabilities by $6.814 billion. Chief Financial Officer Simon McWilliams said the audit results confirmed the accuracy of the quarterly reserve reports the company had previously published for its issued tokens.

Chief Executive Officer Paolo Ardoino said completing the audit marked a significant milestone for both Tether and the stablecoin market. According to him, the audit disproved years of claims from critics that a full audit of Tether couldn’t be conducted and set a new benchmark for transparency across the industry.

Earlier, Tether reported its financial results for the second quarter of 2026.