Tether · U.S. · Financial Times · The Block
Tether confirms KPMG issued ‘clean’ opinion in first full audit of USDT issuer’s financials
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Stablecoin issuer Tether said Thursday it has completed its first full independent financial statement audit, with KPMG U.S. issuing an "unqualified opinion" on the 2025 accounts of Tether International, S.A. de C.V.
Key facts
- In 2021, Tether paid $18.5 million to settle with the New York Attorney General over claims about its reserves and a $41 million CFTC fine over misleading statements that USDT was fully backed
- The team can confirm that they issued an unqualified opinion on Tether International, S.A. de C.V.'s financial statements in accordance with AICPA [The American Institute of Certified Public Accountants]
- The audited financial statements reported that Tether's reserves exceeded its liabilities by $6.8 billion at the end of 2025, the company's chief financial officer Simon McWilliams said
- Asked whether the audit covered all the financials of Tether's main entity, Tether CEO Paolo Ardoino told The Block, "Tether International is the issuer of the USDT stablecoin
Summary
Asked whether the audit covered all the financials of Tether's main entity, Tether CEO Paolo Ardoino told The Block, "Tether International is the issuer of the USDT stablecoin. An unqualified opinion, also called a "clean" opinion, is issued without reservations, exceptions, or caveats and is the most positive form of opinion that an independent auditor can issue, Tether said. "The team can confirm that they issued an unqualified opinion on Tether International, S.A. de C.V.'s financial statements in accordance with AICPA standards for the year ending December 31, 2025," a KPMG U.S. spokesperson told The Block. The news comes five months after Tether in March said it has appointed a Big Four accounting firm to complete its first financial audit, without naming the firm.