KPMG U.S. has issued an unqualified opinion on Tether International, S.A. de C.V.’s financial statements for the year ended December 31st, 2025, following the stablecoin issuer’s first full financial audit.

An unqualified opinion means the auditor concluded that the statements fairly represented the company’s financial position, operating results, and cash flows in accordance with U.S. generally accepted accounting principles.

The audited statements showed reserves exceeding liabilities by $6.814 billion, according to Tether. 

KPMG examined the company’s balance sheet, income, cash flows, changes in equity, and supporting evidence. 

The work included testing transactions, ownership records, valuations, counterparties and financial systems.

KPMG also physically inspected Tether’s gold holdings. The auditor counted the bars and verified their identifying information instead of relying solely on reports from custodians or counterparties.

The financial audit is broader than the quarterly reserve attestations Tether previously commissioned from BDO. 

Those reports evaluated selected financial information at specific reporting dates, while the KPMG engagement covered the company’s complete 2025 financial statements.

Tether had been working toward a full audit for several years. The company appointed Simon McWilliams as chief financial officer in March 2025 and announced its engagement with a Big Four accounting firm in March 2026.

“For years, some detractors said an audit of Tether could not be completed. They said the Company refused to subject itself to the most rigorous scrutiny. We have once again proven them wrong,” Tether CEO Paolo Ardoino said.

Tether described the completed review as the largest inaugural financial audit in history.