Overview
- KPMG issued an unqualified opinion on Tether International’s 2025 financial statements, meaning the firm found the statements fairly presented under audit standards.
- Tether said the audit involved substantive testing of assets, liabilities, income, cash flows, records and counterparties and that KPMG physically counted and inspected every individual gold bar it holds.
- Independent data cited by coverage shows Tether holds very large reserves, including sizable Bitcoin positions, substantial U.S. Treasuries and a USDT market capitalization above $183 billion.
- The audit follows years of scrutiny and past penalties for Tether, including a 2021 settlement with New York and a CFTC fine, and Tether had earlier said it engaged a Big Four firm this year to improve its controls.
- While the audit may boost market confidence by verifying past statements, an unqualified opinion only addresses how financials are presented and does not guarantee liquidity under stress or long-term business viability.