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.
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.
"We can confirm that we 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] standards for the year ending December 31, 2025," a KPMG U.S. spokesperson told The Block.
"Due to client confidentiality, we have no further comment." 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.
The Financial Times, at the time citing anonymous sources, reported Tether hired KPMG to conduct an audit and that the company also hired PwC to help it ready its internal systems for the audit.
