Overview
- KPMG U.S. issued an unqualified opinion on Tether International’s 2025 financial statements, a result Tether announced on Thursday that the firm completed an independent audit of the year ending December 31, 2025.
- The audited accounts show reserves exceeded liabilities by $6.814 billion at year-end and Tether says auditors physically counted and inspected every gold bar recorded in its holdings.
- Tether presented the audit as its first full annual financial-statement audit with a Big Four firm, replacing years of quarterly reserve attestations.
- The full signed audit report and complete audited financial statements have not been published, and reporting appears limited to the audited subsidiary rather than Tether’s entire corporate structure.
- U.S. stablecoin rules under recent proposals could still limit how much of Tether’s reserves qualify as eligible assets and regulators will look for recurring audits, more frequent public disclosures, and evidence of liquidity planning before treating this as a final resolution.