Timeline
- 7.5
Tether's First KPMG Audit: Progress, Yet Not Full Clarity
Tether announced it received an audit from KPMG's US arm, marking its first audit in nearly a decade. The audit covers Tether International, not Tether Holdings or parent Digfinex, and is seen as a step forward for stablecoin transparency. As the largest stablecoin issuer, Tether's financial practices affect the entire crypto market. This audit could increase trust in USDT, but unresolved questions about reserve composition mean full confidence remains elusive. The audit was performed by KPMG's US arm, one of the 'Big Four' accounting firms. Notably, Tether's cash and cash equivalents have decreased by over 10% since the New York Attorney General's scrutiny, and about 25% of reserves are not in cash or cash equivalents.
- 8.0
Tether Secures First Big Four Audit as U.S. Rules Tighten
Tether received its first Big Four audit, with KPMG issuing an unqualified opinion on Tether International's 2025 financial statements. The audited numbers show reserves exceeding liabilities by $6.814 billion as of Dec. 31, 2025. This milestone matters because Tether is the largest stablecoin issuer and its first Big Four audit directly affects market confidence in USDT. However, the audit lands just as the GENIUS Act and FDIC proposals impose stricter reserve, liquidity, and disclosure rules, so a single clean audit may not settle lingering regulatory questions. KPMG says it physically counted every gold bar backing Tether's reserves, and the unqualified opinion means the financial statements are presented fairly in all material respects. The FDIC's proposed reserve-asset menu does not include gold, and defines a major redemption event as requests exceeding 10% of outstanding issuance within 24 hours.
- 8.0
Tether Secures Landmark KPMG Audit of 2025 Financials
Tether announced that KPMG U.S. issued an unqualified audit opinion on its 2025 financial statements, marking the first full independent audit of the company. The announcement was made on 13 August 2026. An unqualified opinion from a Big Four firm is the strongest form of independent auditor assurance and could materially strengthen market confidence in Tether's reserves and transparency. This milestone also invites closer regulatory scrutiny and may accelerate stablecoin adoption by institutional and traditional finance players. The audit was of Tether International, S.A. de C.V.'s financial statements, and the opinion covers the 2025 fiscal year. Tether described the audit as the largest inaugural financial audit in history, underscoring the scale of its operations as the largest company in the digital asset industry.
- 8.0
Tether Completes First Big Four Audit; KPMG Issues Unqualified Opinion on USDT Reserves
Tether announced that KPMG U.S. issued an unqualified opinion on its 2025 financial statements, marking the stablecoin issuer's first full audit by a Big Four accounting firm. The statements showed reserves exceeding liabilities by $6.814 billion. The audit addresses a long-standing transparency criticism over the reserves backing USDT, a $180 billion stablecoin that is critical to crypto trading liquidity. An unqualified opinion from a Big Four firm could strengthen market trust in Tether and ease systemic risk concerns across digital-asset markets. KPMG went beyond Tether's prior quarterly attestations by testing transactions, systems, valuations, counterparties and ownership records, and physically counting the company's gold bars. Tether has not yet confirmed whether it will publicly release the full KPMG report.
- 8.5
Tether receives KPMG clean audit opinion for 2025 financials
KPMG U.S. issued an unqualified (clean) audit opinion on Tether International's full 2025 financial statements, announced by Tether on Thursday. This marks the first time the USDT issuer has completed a full audit. Tether is the largest stablecoin issuer, and a clean audit from a Big Four firm materially improves financial transparency and credibility. This could ease institutional adoption and invite closer regulatory scrutiny of stablecoin reserves. An unqualified opinion means the auditor found the financial statements fairly presented and compliant with GAAP, with no material misstatements. The audit specifically covers Tether International's full 2025 financials.
- 8.5
Tether gets clean KPMG audit opinion for 2025 statements
Tether, the largest stablecoin issuer, completed its first full independent audit of its 2025 financial statements, with KPMG issuing a clean (unqualified) opinion. The audit showed reserves exceeded liabilities by $6.814 billion. This is a significant transparency milestone for the largest stablecoin issuer, potentially boosting confidence in USDT and the broader stablecoin market, which underpins much of crypto trading liquidity. It moves Tether beyond quarterly attestations to the full audit standard expected of traditional financial institutions. KPMG physically inspected and counted Tether's gold holdings bar-by-bar, rather than relying only on custodian records. The audit covered the balance sheet, income statement, and cash flows for the year ended Dec. 31, 2025, and found reserves exceeded liabilities by $6.814 billion.