Tether Argues 'Largest Inaugural Financial Audit' as KPMG Signs Off on 2025 Statements
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Tether said Thursday that Big Four accounting firm KPMG issued an unqualified audit opinion—industry jargon for the best possible result—-on the 2025 financial statements of Tether International, the company behind the world’s largest stablecoin USDT.
Key facts
- In February 2021, Tether settled with the state of New York over a lawsuit, paying an $18.5 million fine, regarding a hole in its finances
- Tether said Thursday that Big Four accounting firm KPMG issued an unqualified audit opinion—industry jargon for the best possible result—-on the 2025 financial statements of Tether International
- Earlier this year, in March, the company said it had hired a Big Four accounting firm but declined to name it at the time
- An unqualified opinion means auditors found no major problems with the way the financial statements were presented
Summary
Tether said KPMG issued an unqualified opinion, the best outcome, on Tether International’s 2025 financial statements. The audit follows years of scrutiny over USDT’s backing and Tether’s push to expand in the U.S. In a post announcing the audit, Tether called the review the “largest inaugural financial audit in history,” saying KPMG examined Tether’s assets, liabilities, income, cash flows, internal systems, records, counterparties, and supporting documentation. “Despite their company being subject to several years of detractors’ false claims, competitors' lies, political attacks and misinformed coverage by several mainstream newspapers trying desperately to discredit them for the benefit of their friends in the tall ivory towers, Tether delivered what it promised,” Tether CEO Paolo Ardoino wrote on X.