# Tether completes first full financial audit by KPMG

> Live situation record from CLSTR: https://clstr.news/situations/tether-financial-audit-by-kpmg
> Updated: 2026-08-15T19:34:42.000Z. Sources: 33. Developments: 3.

Tether, the issuer of the USDT stablecoin, has completed its first full independent financial audit for the fiscal year ending December 31, 2025. Conducted by KPMG U.S., the audit resulted in an unqualified opinion, indicating that the company’s financial statements fairly represent its financial position and cash flows in accordance with U.S. generally accepted accounting principles (GAAP).

This comprehensive audit represents a shift from the quarterly reserve attestations Tether previously provided. The review examined the company’s balance sheet, income statement, internal systems, and ownership records. KPMG auditors reportedly conducted a physical inspection and count of Tether’s gold holdings to verify their existence and authenticity, rather than relying exclusively on third-party documentation. Tether CEO Paolo Ardoino described the audit as a “defining moment for the stablecoin industry,” intended to address long-standing transparency concerns.

While the KPMG audit confirmed that Tether’s reserves exceeded its liabilities by $6.814 billion at the end of 2025, subsequent data indicates a reduction in the reserve buffer. An attestation by BDO dated June 30, 2026, reported a reserve margin of $4.110 billion, which represents a 39.7% decrease from the figure certified by KPMG six months prior.

## Claims

- The audit was conducted in accordance with U.S. generally accepted accounting principles (GAAP). (disputed by 12 sources)
- KPMG U. S. issued an unqualified opinion on Tether International's 2025 financial statements. (corroborated by 20 sources)
- Tether's reserves exceeded its liabilities by $6.814 billion as of December 31, 2025. (corroborated by 18 sources)
- KPMG auditors physically inspected and counted Tether's gold holdings to verify their existence. (corroborated by 17 sources)
- Tether has completed its first full independent financial statement audit conducted by a Big Four accounting firm. (corroborated by 12 sources)
- The audit covered assets, liabilities, transactions, systems, and ownership records. (corroborated by 9 sources)
- Tether holds $141 billion in U.S. Treasury reserves. (single source)

## Timeline

### 2026-08-15: Tether receives unqualified KPMG audit for 2025 finances

Tether secured its first full unqualified audit from KPMG for 2025, verifying $6.8 billion in excess assets, though recent attestations show the reserve buffer has since decreased by nearly 40%.

7 sources. https://clstr.news/cluster/tether-receives-unqualified-kpmg-audit-for-2025-finances

### 2026-08-13: SEC plans crypto rules as Tether receives KPMG audit

The SEC is planning new frameworks for tokenized stocks and crypto capital raises, while Tether receives its first full audit from KPMG with an unqualified opinion.

2 sources. https://clstr.news/cluster/sec-plans-crypto-rules-as-tether-receives-kpmg-audit

### 2026-08-13: Tether completes first full financial audit by KPMG

Tether has completed its first full financial audit by KPMG U. S., receiving an unqualified opinion. The audit confirmed that reserves exceeded liabilities by $6.814 billion as of year-end 2025.

26 sources. https://clstr.news/cluster/tether-completes-first-full-financial-audit-with-kpmg

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Cite as: Tether completes first full financial audit by KPMG. CLSTR, https://clstr.news/situations/tether-financial-audit-by-kpmg