The stablecoin industry reached a significant milestone on August 13, 2026, when Tether announced the successful completion of a full independent audit of Tether International, S.A. de C.V.’s financial statements for the year ended December 31, 2025. Conducted by KPMG U.S., the audit resulted in an unqualified audit opinion marking it as the largest inaugural financial audit in history.
A Historic Milestone for Tether
For years, Tether has provided regular independent attestations regarding the assets backing its issued tokens. The completion of a full financial statement audit marks a new chapter in the company’s commitment to transparency and financial reporting. According to Tether, the audit represents one of the most important milestones in its history and establishes a new benchmark for scrutiny and accountability within the stablecoin market.
The audit was completed in accordance with applicable professional standards and involved a comprehensive examination of the company’s financial statements, systems, records, transactions, and supporting documentation.
KPMG Issues an Unqualified Audit Opinion
KPMG U.S. issued an unqualified audit opinion on Tether’s 2025 financial statements, which is the most positive form of opinion that an independent auditor can provide. According to Tether, this means KPMG concluded that the financial statements present fairly, in all material respects, the company’s financial position, operational results, and cash flows in accordance with U.S. generally accepted accounting principles (GAAP).
Unlike a limited review or attestation, the audit examined the evidence supporting Tether’s financial reporting framework, including ownership records, valuations, counterparties, transactions, and operational systems. The process complemented Tether’s existing quarterly reserve reporting by providing a deeper level of independent verification.
A Comprehensive Review of Assets and Records
One of the notable aspects highlighted by Tether was the extensive verification work performed during the audit. The company stated that KPMG physically counted and inspected every individual gold bar held by Tether, confirming both the existence and identifying information of each bar rather than relying solely on reports from custodians or counterparties.
The audit also covered the full balance sheet, reserve assets, issued token liabilities, income statement, statement of changes in equity, and cash flow statement. According to Tether, each area was subjected to independent substantive testing and verification.
Leadership Views the Audit as a Defining Moment
Tether CEO Paolo Ardoino described the achievement as a defining moment for both Tether and the broader stablecoin industry. He noted that some critics had long argued that a full audit could not be completed and stated that the successful outcome demonstrates the company’s willingness to undergo rigorous independent scrutiny.
Ardoino emphasized that KPMG’s work involved a thorough audit conducted according to AICPA standards, covering assets, systems, transactions, documentation, and supporting evidence. He characterized the resulting unqualified opinion as confirmation that Tether achieved a clean audit.
Reinforcing Financial Transparency
Tether Chief Financial Officer Simon McWilliams described the audit as one of the most ambitious projects in the company’s history. He stated that Tether subjected its financial statements to the scrutiny of a Big Four accounting firm and completed the engagement as a top corporate priority.
According to McWilliams, the audited financial statements for the year ended December 31, 2025, reported reserves exceeding liabilities by $6.814 billion, providing confirmation of the quality of the company’s public attestation reports.
Raising the Bar for the Stablecoin Industry
Tether believes the significance of the audit extends beyond the company itself. Stablecoins have become increasingly important in global financial infrastructure, supporting savings, payments, remittances, trading, and access to U.S. dollars for hundreds of millions of people worldwide.
As adoption continues to grow, Tether argues that the standards of governance, transparency, and independent oversight applied to stablecoin issuers should evolve as well. By voluntarily subjecting its complete financial statements to a full audit, the company says it is helping establish a higher standard of accountability across the industry.
Looking Ahead
While many may view the audit as the culmination of a long journey, Tether sees it as the beginning of a new phase. The company believes the successful completion of the audit demonstrates how its financial infrastructure and governance have developed alongside its growing global role.
With a signed unqualified audit opinion from KPMG U.S., Tether has reached a milestone that it says validates years of commitment to transparency and financial reporting. As stablecoins continue to play a larger role in the global economy, the company positions this achievement as an important step toward greater trust, accountability, and industry-wide standards.
Source: Tether, “Tether Completes the Largest Inaugural Financial Audit in History” (13 August 2026).