#TetherFirstFullAudit
About TetherFirstFullAudit
Tether announced its first full independent audit Aug 13. KPMG U.S. issued an unqualified opinion on Tether International's 2025 statements. It covered financial statements and reviewed reserves, token liabilities, systems, valuations and counterparties. At year-end, audited reserves exceeded liabilities by $6.814B. This strengthens USDT transparency and reserve credibility, but markets watch disclosure scope, whether full audits become regular, and if stablecoin transparency standards rise.
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BREAKING: Tether just got its first full independent financial statement audit by KPMG.
And it was unqualified, the cleanest audit opinion possible.
KPMG verified Tether’s assets, liabilities, transactions, systems, counterparties, valuations AND physically inspected every gold bar.
Tether also had $6.814B more reserves than liabilities.
Years of “Tether is a fraud” FUD just got a lot harder to defend.
Feels like a lifetime ago when I made @tether t-shirts and countered constant FUD, explaining in interviews and podcasts that no stablecoin issuer had an audit (all had attestations).
Now the doubters have nothing more to say. With @paoloardoino announcing they’ve completed the largest inaugural financial audit in history with KPMG, this definitively shows reserves exceed liabilities by a staggering $6.8B.
He even had KPMG count every single gold bar in their vaults. 😂
Many congrats to Paolo and the Tether team. This sets a new bar for the stablecoin industry and shows why Tether is indeed the King of the Stablecoins by every measure. 👑
Paolo Ardoino 🤖
Wen Tether audit? nOw.
Today Tether announces its first full financial audit for Tether International, conducted by KPMG U.S. which resulted in an unqualified clean opinion, marking the highest result possible.
An unqualified opinion is the best possible audit opinion an independent auditor can issue.
(“unqualified” in accounting jargon means without reservations — not that the audit was incomplete).
Tether’s financial audit, by at least an order of magnitude, is the largest inaugural audit in the history of finance. My congratulations go to the entire Tether team and especially to our Finance function, which demonstrated its ability, precision and commitment to complete this review process within the highest standards across the whole digital assets and global financial industry. We couldn’t be more proud.
Despite our Company being subject to several years of detractors’ false claims, competitors lies, political attacks and misinformed coverage by several mainstream newspapers trying desperately to discredit us for the benefit of their friends in the tall ivory towers, Tether delivered what it promised: a full financial audit issued by a Big Four accounting firm, KPMG U.S.
Tether created the stablecoin industry with USD₮ in 2014, revolutionizing the whole financial industry. Today everyone talks about stablecoins, yet it all started 12 years ago, with a tiny team and a big mission. We were there when no one else could understand the disruptive potential of what we invented.
Our Company has evolved into one of the most financially significant and operationally sophisticated private companies in the world. This audit demonstrates that our financial infrastructure and governance have evolved alongside that responsibility. Today, more than 650 million users across all emerging markets continue to rely on Tether daily, choosing USD₮ as their currency, for their life savings, for their commerce, for the future of their children. These are people that have been left behind by the traditional financial system and they trust our Company to remain resilient amidst all the global uncertainty that plagues the world - the proof of that stability is no longer just a Tether promise; it's now an independent signed opinion.
“Never cared for what they say
Never cared for games they play
Never cared for what they do
Never cared for what they know
And I know
Nothing Else Matters”
Tether USDT gets its first audit that has been long time coming, now a decade since when it was promised in 2016.
An unqualified opinion is the auditor’s highest level of assurance on a company’s financial this context, KPMG issued an unqualified opinion on Tether International’s 2025 financials. That means KPMG concluded that the financial statements present fairly, in all material respects, the company’s financial position, results of operations, and cash flows.
They are free from material misstatement.
They were prepared in accordance with the applicable financial reporting framework (generally accepted accounting principles or equivalent).
It is the standard, positive form of audit report. Any significant problems, limitations, or disagreements would instead result in a qualified opinion, adverse opinion, or disclaimer of opinion.
Regardless of what you think of Tether or its audit…
It’s either one of two things:
They’re legitimately printing massive amounts of money w/ essentially zero risk (since they retain all interest/returns of reserve assets held).
Or they’re printing massive amounts of money, but reserve assets aren’t sufficient to cover liabilities (so investors are bearing risk for them to make boatload of money).
GENIUS Act basically solved the second problem for US stablecoin issuers, putting strict requirements on reserve assets.
But it didn’t solve the issue of stablecoin issuers capturing all of the return on reserves while taking basically no risk.
Until that problem is solved, Tether will never face any real competitive pressure given its scale IMO.
The solution?
Allow stablecoin issuers to pass on interest/returns to holders.
This is all so simple.
It’s better for stablecoin holders & the overall competitive environment.
The problem is this isn’t good for legacy banks.
Which is why we’re here.
And so Tether will continue printing money at investors’ expense one way or another.
And people will continue to question its audits.
Tether operated for years with shady practices, particularly with Bitfinex, some of which we know about but surely more which will never see the light of day
Then they clean their act up over time and over a decade later can finally pass an audit
And so what do you do now that you finally are audited a decade later?
Victory lap like it was always that way, of course
Paolo Ardoino 🤖
Wen Tether audit? nOw.
Today Tether announces its first full financial audit for Tether International, conducted by KPMG U.S. which resulted in an unqualified clean opinion, marking the highest result possible.
An unqualified opinion is the best possible audit opinion an independent auditor can issue.
(“unqualified” in accounting jargon means without reservations — not that the audit was incomplete).
Tether’s financial audit, by at least an order of magnitude, is the largest inaugural audit in the history of finance. My congratulations go to the entire Tether team and especially to our Finance function, which demonstrated its ability, precision and commitment to complete this review process within the highest standards across the whole digital assets and global financial industry. We couldn’t be more proud.
Despite our Company being subject to several years of detractors’ false claims, competitors lies, political attacks and misinformed coverage by several mainstream newspapers trying desperately to discredit us for the benefit of their friends in the tall ivory towers, Tether delivered what it promised: a full financial audit issued by a Big Four accounting firm, KPMG U.S.
Tether created the stablecoin industry with USD₮ in 2014, revolutionizing the whole financial industry. Today everyone talks about stablecoins, yet it all started 12 years ago, with a tiny team and a big mission. We were there when no one else could understand the disruptive potential of what we invented.
Our Company has evolved into one of the most financially significant and operationally sophisticated private companies in the world. This audit demonstrates that our financial infrastructure and governance have evolved alongside that responsibility. Today, more than 650 million users across all emerging markets continue to rely on Tether daily, choosing USD₮ as their currency, for their life savings, for their commerce, for the future of their children. These are people that have been left behind by the traditional financial system and they trust our Company to remain resilient amidst all the global uncertainty that plagues the world - the proof of that stability is no longer just a Tether promise; it's now an independent signed opinion.
“Never cared for what they say
Never cared for games they play
Never cared for what they do
Never cared for what they know
And I know
Nothing Else Matters”
Tether Silences Critics With Historic KPMG Full Audit; Here Are the Results
Main takeaway: KPMG U.S. gave Tether a clean, unqualified audit for 2025, confirming $6.814B more assets than liabilities and $141B in U.S. Treasury reserves, with physical verification of gold. This audit aims to address transparency concerns, meets GENIUS Act audit expectations for large issuers, could reduce counterparty risk and aid institutional deals, but Tether remains barred from some EU markets for not holding 60% reserves in EU commercial banks; USDT market cap is $182.97B.