KPMG has completed the first full independent audit of Tether’s 2025 financial statements and issued an unqualified opinion that they fairly present the company’s financial position, results of operations, and cash flows in all material respects in accordance with U.S. accounting standards.
What KPMG Audited
The audit covered Tether’s balance sheet, income statement, statement of changes in equity, and cash flow statement, as well as the company’s operations, systems, documentation, asset valuations, ownership rights, and counterparty data.
The auditors physically counted and inspected all of Tether’s gold bars, confirming their existence and identifying details.
KPMG found no basis for a qualified opinion on the presentation of Tether’s financial position, results of operations, and cash flows for 2025.
What Has Changed Compared With Previous Reports
Previously, Tether published quarterly attestations of the composition of its reserves, but these did not constitute a full audit of its financial statements. Under the previous reporting format, the company disclosed reserve data as of a specific date, while KPMG’s audit covered the organization’s assets and liabilities, revenues, cash flows, and the supporting documentation behind them.
Tether announced the audit results but did not publish the financial statements themselves. KPMG confirmed that it had issued an unqualified opinion on the company’s financial statements for the year ended December 31, 2025, but declined to comment further due to client confidentiality.
The company also reported that its reserves exceeded its liabilities by $6.814 B at the end of 2025.