KPMG completes first full audit of Tether, issuing unqualified opinion on $180B stablecoin reserves

KPMG U.S., one of the Big Four accounting firms, completed the first independent financial audit of Tether International for the year ended December 31, 2025, and issued an unqualified opinion on its financial statements, meaning the firm found the statements fairly presented Tether's financial position, results and cash flows in all material respects under U.S. generally accepted accounting principles, according to CoinDesk's reporting.

Tether's reserves exceeded liabilities by $6.814 billion at the end of 2025, per the company's disclosure. KPMG auditors examined the company's transactions, systems, valuations, counterparties and ownership records, and physically counted and inspected Tether's gold bars, according to CoinDesk.

The audit represents a significant escalation from the quarterly attestations, which check specific information such as the amount and composition of reserves at a single point in time, compared to a full financial audit that tests transactions, assets, liabilities, income, cash flows and their supporting evidence across an entire period.

Tether hired a Big Four firm to conduct the audit in March 2026, according to CoinDesk. The company had repeatedly promised a full audit while relying on reserve attestations for years, leaving critics to question why an entity managing $180 billion in market capitalization had not undergone the same scrutiny common among large financial institutions.

A KPMG U.S. spokesperson confirmed the unqualified opinion but declined further comment due to client confidentiality, according to CoinDesk. The desk asked Tether whether it would release KPMG's full findings but has not yet received a response, leaving the audit's details unverified in the public domain.

Concerns about USDT's backing have surfaced periodically as a potential systemic risk for crypto trading and markets, given the token's size and centrality to market infrastructure. The debate became so routine that it acquired the label Tether FUD in crypto circles.