Tether states that four major accounting firms, KPMG, have issued an unqualified opinion on their 2025 financial statements. This means that the auditors consider that the statements present fairly, in material terms, the financial position of the company, and also mark the first complete financial audit of the USDT issuer.
Audit coverage of gold and cash flows
According to Tether, KPMG reviewed the company ' s assets, liabilities, revenue, cash flow, internal systems, counterparties and related supporting documentation. The company also stated that it had conducted an itemized physical count and inspection of its gold holdings during the audit, rather than relying solely on the trustee ' s report.
The authenticity of the USDT reserve has long been questioned. Tether has also been a focus of market disputes in the past, when quarterly assurance reports were issued, rather than full audits. The unqualified opinion obtained from four major accounting firms this time was seen as an important development in the transparency of their reserves.
The past reserve dispute is still the background.
Tether had previously been subject to regulatory penalties for disclosure of reserves. In 2021, the company reconciled $18.5 million with the Attorney General ' s Office in New York on the presentation of reserves; in the same year, the United States Commodity Futures Trading Commission (CFTC) also fined the company $41 million because of its presentation of US$ support problems.
These historical disputes have kept complete audits a market focus. Following the release of the audit, Tether Chief Executive Officer Paolo Ardoino stated on social platforms that it responded to a number of external doubts over the company ' s reserves and governance structure over the years.
United States layout or benefit
The report mentions that Tether is accelerating the United States market layout, including the introduction of stable currency products for the United States market and engagement with regulators under the new regulatory framework. For Tether, a full audit helps to enhance its credibility in banking, payment and institutional cooperation.
This could also change the competitive narrative of stable currency markets. In the past, Circe used to be more transparent and more regulatoryly compatible as the main selling point for USDC. If Tether maintains higher disclosure standards on an ongoing basis, the differences between USDT and USDC in terms of compliance and transparency may be narrowed.
From business data, Tether is still ahead. The report mentioned that the company had a profit of $1.5 billion in the second quarter and held a large number of United States Treasury bonds. As a full audit comes to the ground, the market will then pay more attention to the pace of its United States operations and whether this progress will affect the distribution of stable currency market shares.