Tether has completed its first full independent financial statement audit, with KPMG U.S. issuing an unqualified opinion on the stablecoin issuer’s 2025 financial statements. The audit, covering the balance sheet, income statement, cash flows and changes in equity, examined supporting transactions, systems, ownership records, valuations and counterparties. KPMG also physically inspected and counted Tether’s individual gold bars. According to CFO Simon McWilliams, reserves exceeded liabilities by $6.814 billion at the end of 2025. CEO Paolo Ardoino described the completion as a major milestone after years of scrutiny over the transparency and composition of reserves backing USDT.
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