Tether, the issuer of the world’s largest stablecoin by market capitalization, announced that KPMG in the U.S. has completed its first full-year financial audit for 2025, issuing an unqualified opinion. The review, described by Tether as the largest initial audit in its history, covers the company’s reserves and financial statements for the year ended December 31, 2025.
The audit marks a significant milestone for the digital assets firm, which has faced long-standing scrutiny over the transparency and backing of its USDT stablecoin. Tether has historically published monthly reserve attestations but has not previously undergone a full-year financial audit by a major accounting firm. The company did not disclose specific figures or detailed findings from the audit.
Tether CEO Paolo Ardoino stated that the completion of the audit demonstrates the company’s commitment to financial rigor and regulatory compliance. CFO Simon McWilliams emphasized that the process provides external validation of the company’s reserves and operational controls. The audit was conducted in accordance with U.S. generally accepted accounting principles (GAAP), Tether said.
The move comes amid ongoing regulatory and market scrutiny of stablecoins, particularly regarding reserve adequacy and the independence of third-party attestations. Tether’s USDT is widely used in cryptocurrency trading and decentralized finance, making its financial health a key concern for market participants. The company has previously settled with U.S. regulators over allegations of misleading statements about its reserves, including a $41 million fine from the Commodity Futures Trading Commission in 2021.
Tether did not provide a timeline for the public release of the audit report or detailed financial data. The company has historically cited competitive and security concerns as reasons for limiting the disclosure of granular reserve information.
