Tether Completes First Full Financial Audit With KPMG U.S. Unqualified Opinion: how 24 outlets framed it

KPMG audit clears 2025

CoinDesk reported that the audited statements showed Tether’s reserves exceeded liabilities by $6.814 billion at the end of 2025, and a KPMG U.S. spokesperson confirmed the unqualified opinion while citing “client confidentiality.”

Tether’s CEO Paolo Ardoino said in a statement, “For years, some detractors said an audit of Tether could not be completed,” as the company framed the KPMG work as a transparency measure it had promised for years.

CoinDesk also described the audit as a step up from Tether’s quarterly attestations, saying a financial audit takes a broader look at a company’s books, testing transactions, assets, liabilities, income, cash flows and the evidence supporting them.

Gold counted, opinion unqualified

Multiple outlets tied the audit’s “clean” result to KPMG’s physical verification of Tether’s gold holdings, with Tether saying auditors “physically counted and inspected every gold bar.”

DiarioBitcoin said KPMG granted Tether its first clean opinion and highlighted that the audit included the physical count of every gold bar held by Tether, while also reporting that reserves exceeded liabilities by USD 6.8 billion at the end of 2025.