Tether’s latest disclosure marks a shift in stablecoin standards: for the first time, Tether’s 2025 financials have been independently audited by KPMG U.S., which delivered an unqualified opinion, a clean audit. That’s not the same as the point-in-time attestations Tether has historically released. An unqualified audit means KPMG examined the annual financial statements as a whole, testing evidence behind balances, valuations, ownership records, and controls. Tether said reserve assets exceeded liabilities by about $6.814 billion at the end of 2025. It’s the kind of deeper third-party review critics and counterparties have pushed for after years of scrutiny over reserve transparency and asset quality.
But a clean audit does not settle every argument. An unqualified opinion means KPMG found the financial statements fairly presented in all material respects; it does not mean every concern disappears overnight. And while Tether says the auditor physically inspected its gold holdings, confirmation of a surplus is still different from saying there is no risk.
The bigger stake now is whether Tether makes this a habit. One audit marks a milestone, but a regular audit cycle would say more about Tether’s standing with regulators and counterparties.