KPMG US Issues Unqualified Audit Opinion on Tether's 2025 Financials

Tether, the issuer of the world's largest stablecoin, announced Thursday that it has received its first full independent audit report from KPMG US. The firm issued an unqualified opinion on Tether's financial statements for the fiscal year ending December 31, 2025, a significant development for a company central to the cryptocurrency market.

Key Audit Findings

According to Tether's statement, the unqualified opinion signifies that its financial statements "fairly reflect the company's financial position in all material respects." The audit also confirmed that Tether's operating results and cash flows comply with U.S. Generally Accepted Accounting Principles (US GAAP).

In an email, KPMG confirmed it had issued the opinion for Tether International, S.A. de C.V. in accordance with standards from the American Institute of Certified Public Accountants (AICPA). The accounting firm declined to comment further, citing client confidentiality.

A Milestone for Transparency

The completion of a full audit by a major accounting firm is a crucial step for Tether, which has long operated under scrutiny regarding the composition and sufficiency of its reserves backing the USDT stablecoin. For years, the company has faced challenges in securing a full audit, citing reputational concerns from accounting firms and a lack of clear regulatory standards for the crypto industry.

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In lieu of a full audit, Tether has been publishing quarterly reserve attestations. These reports provide a point-in-time snapshot of its assets but are fundamentally different and less comprehensive than a full, independent audit of annual financial statements.

Impact on Investor Confidence

This development may have significant implications for investor confidence and Tether's future capital-raising activities. The lack of an independent audit was previously a major obstacle for the company.

According to the source material, some potential investors had previously balked at a plan to raise up to $20 billion at a $500 billion valuation due to the absence of audited financials. That financing plan was reportedly shelved pending the audit's completion and amid a broader crypto market downturn. This successful audit addresses a key due diligence requirement for institutional investors.