- Tether announced on 13 August that KPMG U.S. completed a full audit of Tether International, S.A. de C.V.’s financial statements for the year ended 31 December 2025 and issued an unqualified opinion.
- CFO Simon McWilliams said the audited statements report reserves exceeding liabilities by US$6.814 billion (AU$9.68 billion).
- The audit complements Tether’s quarterly reserve attestations, which continue: BDO prepared the Q2 2026 report published on 31 July.
Tether announced on 13 August that KPMG U.S. has issued an unqualified opinion on the financial statements of Tether International, S.A. de C.V., the entity that issues USDT, delivering a full audit the company has promised for years.
An unqualified opinion carries no reservations, exceptions or caveats, and is the most positive opinion an independent auditor can issue.
Tether said the statements “present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended in accordance with U.S. generally accepted accounting principles.”
Tether’s announcement describes the audit as complementing its existing quarterly reserve reporting, which continues.
BDO prepared the Q2 2026 attestation published on 31 July, putting the reserve buffer at US$4.11 billion (AU$5.84 billion), net operating profit for the quarter at US$1.50 billion (AU$2.13 billion) and USDT in circulation at about US$184.6 billion (AU$262.1 billion) as at 30 June. Gold holdings passed 146 tons in the same quarter.
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What KPMG Examined
KPMG physically counted and inspected every individual gold bar Tether holds, verifying each bar’s existence and identifying information at the source, according to the announcement. Tether said the auditor did not rely solely on reports from custodians or counterparties, and that the work covered the full balance sheet, the income statement, the statement of changes in equity and the cash flow statement, each subject to independent substantive testing.
Simon McWilliams, Chief Financial Officer of Tether, stated that the audited statements for the year ended 31 December 2025 “report reserves exceeding the liabilities by $6.814 billion, confirming the quality of the public attestation reports.”
Paolo Ardoino, Chief Executive Officer, characterised the result as a clean audit conducted under AICPA standards, and said more than 650 million users across emerging markets hold the token.
Tether said in March that it had engaged a Big Four firm and declined to name it, with reserves then standing at US$192 billion (AU$272.6 billion).
A 2017 engagement with Friedman LLP ended without a completed report. “For years, some detractors said an audit of Tether could not be completed,” Ardoino stated.
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