Tether Secures Unqualified Audit Opinion from KPMG in First Full Independent Audit

Tether, the issuer of the world's largest stablecoin, announced Thursday it has received its first full independent audit from major accounting firm KPMG US. The firm issued an unqualified audit opinion on Tether's financial statements for the year ending December 31, 2025, though the full audit was not released publicly.

Key Findings

An unqualified opinion signifies that the auditor has concluded the company's financial statements are presented fairly and accurately. According to a statement from Tether, KPMG found its financial position and cash flows for the period were in accordance with US generally accepted accounting principles (GAAP).

KPMG US confirmed the audit's completion in an email, stating, "We can confirm that we issued an unqualified opinion on Tether International, S.A. de C.V.'s financial statements in accordance with AICPA standards for the year ending December 31, 2025." The firm declined further comment, citing client confidentiality.

A Shift from Attestations

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This full audit marks a significant step for the El Salvador-based company, which has historically faced questions from investors and regulators about the backing of its USDT stablecoin. Previously, Tether only published quarterly reserve attestations, which are limited-scope reports providing a snapshot of its assets at a specific point in time, rather than a comprehensive audit covering a full financial period.

The company had previously cited reputational concerns among major accounting firms and the absence of clear cryptocurrency regulations as obstacles to obtaining a full audit. The lack of an audit was reportedly a key reason some potential investors balked at a past fundraising effort, which has since been placed on hold.

Market Implications

For investors, a clean audit from a reputable firm like KPMG could enhance confidence in the stability and backing of USDT, a cornerstone of the cryptocurrency market. The completion of this audit was seen as a critical step for Tether, particularly after a planned fundraising round seeking up to $20 billion at a $500 billion valuation was paused, partly while awaiting the audit's completion amid a broader crypto market downturn.