Tether stated that one of the four leading accounting firms, KPMG, had issued an unqualified audit report on the financial statements of Tether International 2025. The company called it the first full financial audit and stated that it covered assets, liabilities, income, cash flows, internal systems and counterparty information.

At the time of the release, Tether was continuing to advance American business. Over the past few years, challenges surrounding the authenticity of the USDT reserve, transparency in information disclosure and internal controls have persisted, and the results of this audit have been of interest to the stable currency market.

Unqualified

The company disclosed that the unqualified opinion meant that the auditors did not consider the presentation of the financial statements to be material. Such conclusions are generally considered to be a standard positive result in an audit.

This does not, however, mean that the auditors endorse the business model of the company or provide assurance as to its future solvency. It was mentioned that this conclusion is primarily concerned with the presentation of the financial statements as to their conformity.

The issue of reserves has long been questioned.

Tether ' s stock and disclosure of information, which has led to regulatory and market disputes on many occasions in the past, is also the main reason for continued outside interest in its audit progress.

  • Reconciliated with the state of New York in February 2021 and paid a fine of $18.5 million
  • CFTC fined $41 million in October 2021
  • In March 2026, it was reported that four major accounting firms had been engaged to participate in the audit

KPMG was subsequently identified as responsible for the USDT audit, while PricewaterhouseCoopers assisted the company in improving its internal system preparation.

Audit coverage of gold reserves

Tether further states that KPMG performed a physical count and check of each gold bar held by it during the audit, rather than relying solely on reports provided by the custodian or counterparty. This statement is intended to clarify that the audit coverage is not limited to paper-based documents.

According to the company, the audit showed that its governance and financial control capacity had increased in step with the expansion of operations. Tether's CEO, Paolo Ardoino, also wrote on social platforms that the company had fulfilled its previous audit commitments.

Additional information:The report mentions that Tether referred to the audit as “the first financial audit of the largest scale in history”, but this statement is based on corporate unilateral statements.