Tether, the issuer of the world’s largest stablecoin USDT, has completed its first full independent financial statement audit. Big Four accounting firm KPMG US issued an unqualified opinion on the company’s 2025 financial statements, the most favorable opinion an independent auditor can issue. The firm examined the full balance sheet including assets backing USDT, and physically verified every individual gold bar held by Tether. CEO Paolo Ardoino stated it is the largest inaugural audit in the history of finance, exceeding prior audits by at least an order of magnitude. This audit addresses long-standing criticism regarding the company’s lack of transparency.
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