Summary
- KPMG completed its first full financial-statement audit of Tether and gave the company an unqualified opinion.
- The review covered the full financial statements, not the quarterly attestation process used previously.
- The audit found that Tether’s reserve assets exceeded liabilities tied to issued tokens by $6.814 billion.
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KPMG, one of the Big Four accounting firms, has completed its first full financial-statement audit of stablecoin issuer Tether and gave the company an unqualified opinion.
Unfolded reported on August 13 that KPMG US finished an independent audit of Tether International’s 2025 financial statements. The firm issued an unqualified opinion, the most favorable audit opinion an independent auditor can provide.
Unlike Tether’s previous quarterly attestations, which verified reserves at a specific point in time, the latest review covered the full financial statements, including the balance sheet, income statement, statement of changes in equity and cash flow statement. KPMG also verified transactions, internal systems, asset ownership and valuations, and conducted a physical inspection of Tether’s gold holdings.
The audit found that Tether’s reserve assets exceeded liabilities tied to issued tokens by $6.814 billion. That was higher than the $6.3 billion in excess reserves tallied in BDO’s reserve attestation at the end of 2025.
JH Kim
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