Tether has now completed its first-ever full-year independent audit, with KPMG U.S. issuing an unqualified opinion on the company’s 2025 financial statements.
That changes the disclosure test for stablecoins. Previous reserve attestations only checked whether reserves matched liabilities at a specific point in time. A full audit covers the entire financial year and asks outside auditors to opine on whether the financial statements fairly present the company’s financial position, results, and cash flows.
Coverage of the process says KPMG tested transactions, valuations, ownership records, counterparties, systems, and supporting documents across the 2025 reporting period, not just a quarter-end snapshot. Tether also said KPMG physically verified its gold holdings. At year-end, Tether reported reserves exceeded liabilities by $6.814 billion.
For institutional and regulatory stakeholders, the difference is material. A full-year audit gives outside stakeholders a stronger basis to judge reserves beyond a single reporting date.
This is not complete transparency; Tether’s own page still distinguishes reserve reports from full financial statements, and the full audited accounts have not been published yet. But in terms of external assurance, a clean opinion from KPMG is the strongest audit signal Tether has provided so far, and it moves the stablecoin conversation from snapshots to full-year scrutiny.