KPMG issues unqualified audit opinion on Tether's 2025 financials, confirming $6.814B excess reserves and physical inspection of gold holdings.
DeFi & Yields ·
KPMG U.S. has completed an independent financial audit of Tether International, issuing an unqualified opinion on the company's 2025 statements. The clean opinion—the strongest assessment an auditor can render—affirms that reserves exceed liabilities by $6.814 billion as of December 31, 2025. The scope included physical verification of every gold bar in Tether's custody, alongside substantive testing of the full balance sheet, income statement, and cash flow records.
The audit examined underlying transaction evidence, ownership records, asset valuations, and counterparty relationships supporting the financial position. Rather than relying on custodian reports, KPMG independently counted and inspected each gold holding. The engagement was conducted to AICPA standards and represents the inaugural full audit of the largest stablecoin issuer.
The unqualified opinion removes reservations, exceptions, and caveats from the auditor's assessment. Whether this milestone shifts market perception of USDT backing and inspires similar audits across the stablecoin sector remains to be seen.