Tether completed the largest financial first audit in history, KPMG issued an unqualified opinion, and the reserves exceeded liabilities by $6,814 million

On 14 August, the U.S.S.DT issuer Tether announced that a complete independent audit of its financial statements for the financial year 2025 by the United States of America had been completed and had been issued with an unqualified audit opinion, the most positive opinion that could be issued by an independent audit body. The audit, referred to as the "first financial audit of the largest scale in history", included a full and substantive test of Tether's balance sheet, the composition of reserves, issued currency liabilities, profit and loss statements, changes in entitlements and cash flow statements, and a physical count of each gold bar held by Tether to verify its existence and identification information, rather than relying solely on the custodian's report. The audit confirmed that Tether's reserves exceeded its liabilities by $68.14 million as at 31 December 2025. The CEO Paolo Ardoino states: "Critics have for many years claimed that Tether's audit cannot be completed, and we have proved them wrong again. Unqualified opinions meant that Tether had obtained a clean audit. Tether CFO Simon McWilliams described this as "a milestone in Tether's commitment to transparency", and the company has completed its historic project with four leading accounting firms and will continue to raise its standards in the future. Tether continued to issue independent assurance reports on reserves over the years, and this financial statement audit marked a leap in its financial reporting system from the assurance level to the full audit level。