Tether audit 2025: KPMG confirms unqualified opinion

Tether audit 2025 is no longer just a promise: KPMG U.S. confirmed that it issued an unqualified opinion on Tether International’s financial statements for the year ended Dec. 31, 2025. The milestone gives the issuer of USDT a broader outside review than its previous reserve updates, though the public still cannot read the audit report itself.

Tether said the audited accounts showed reserves exceeded liabilities by $6.814 billion at the end of 2025. That is a year-end figure reported by the company, rather than a statement about its reserves today.

What did KPMG’s Tether audit find?

An unqualified opinion is an auditor’s conclusion that financial statements fairly present a company’s financial position, results and cash flows in all material respects under the applicable accounting rules. In this case, Tether said KPMG U.S. reached that conclusion under U.S. generally accepted accounting principles for its 2025 accounts.

KPMG confirmed the opinion to CoinDesk, but its spokesperson declined further comment, citing client confidentiality. Tether has not released the full audit report publicly. That leaves readers unable to review its detailed findings, methodology or disclosures.

The opinion is meaningful evidence about Tether International’s 2025 financial statements. It does not, by itself, provide a public, real-time view of USDT’s backing or remove all questions users may have about the token.

Why this is different from Tether’s reserve attestations

For years, Tether published quarterly reserve attestations. An attestation checks specified information, such as reserve amounts and composition, at a particular date. A financial-statement audit takes a wider look at a company’s books, including assets, liabilities, transactions, income, cash flows and evidence supporting those records, according to CoinDesk.

Tether said KPMG reviewed its transactions, systems, valuations, counterparties and ownership records. The company also said auditors physically inspected its gold bars. Those scope details come from Tether, while KPMG’s independent public confirmation was limited to the fact that it issued the unqualified opinion.

The distinction matters because USDT is used widely across crypto markets, and Tether has faced longstanding scrutiny over the assets supporting the stablecoin. CoinDesk reported USDT had grown to more than $180 billion in market capitalization.

What investors can verify now

• KPMG U.S. issued an unqualified opinion on Tether International’s 2025 financial statements, as KPMG confirmed to CoinDesk.
• Tether said its reserves were $6.814 billion above liabilities at the end of 2025.
• Tether’s full audit report has not been publicly released.

That last point sets the boundary around the announcement. The completion of an audit is a step beyond Tether’s point-in-time attestations, but the absent report limits the public’s ability to assess the detailed work behind the opinion.

This story draws on original reporting from Decrypt.