Stablecoin issuer Tether has completed its largest-ever full financial audit, with KPMG issuing an unqualified opinion, showing reserves exceeding liabilities by $6.814 billion.

USDT issuer Tether announced it has completed a full independent audit of its 2025 fiscal year financial statements by KPMG U.S., receiving an unqualified audit opinion—the most positive outcome an independent auditor can issue. Dubbed "the largest first-time financial audit in history", the engagement saw KPMG conduct comprehensive substantive testing on Tether’s balance sheet, reserve asset composition, outstanding token liabilities, income statement, changes in equity, and cash flow statement. Critically, instead of relying solely on custodian reports, KPMG physically counted every gold bar held by Tether to verify their existence and identifying details. The audit confirmed Tether’s reserves exceeded its liabilities by $6.814 billion as of December 31, 2025. Tether CEO Paolo Ardoino stated: "Critics have for years claimed Tether could not complete an audit, and we have once again proven them wrong. An unqualified opinion means Tether has secured a clean audit." CFO Simon McWilliams called the milestone "a landmark in Tether’s commitment to transparency", noting the firm has wrapped up a historic project with the Big Four accounting firms and will continue to elevate standards moving forward. Tether has long published independent reserve attestation reports; this full financial statement audit marks a jump in its financial reporting regime from the attestation level to the full audit tier.