Tether said Thursday that KPMG U.S. issued an unqualified opinion on the financial statements of Tether International, S.A. de C.V. for the year ended Dec. 31, 2025, completing the first full financial statement audit in the company's history.
An unqualified opinion is the cleanest verdict an auditor can deliver, and it answers the objection critics have raised against USDT for years — that no major accounting firm had ever audited the assets behind it.
But the scope is narrower than the announcement implies. KPMG examined one legal entity for one fiscal year under U.S. GAAP, and Tether has released no underlying documents. Its transparency page still lists only BDO assurance reports, with nothing from KPMG, and the announcement links to no opinion letter or set of statements.
Simon McWilliams, Tether's chief financial officer, put the audited result at $6.814 billion in reserves above liabilities as of Dec. 31, 2025.
"We subjected our financial statements to the scrutiny of a Big Four audit, one of the most ambitious projects in the Company's history," McWilliams said, adding that the figure was "confirming the quality of the public attestation reports."
