Tether says KPMG completed Tether's first full audit and found its 2025 financial statements fairly presented its financial position in all material respects
Tether, the company behind the world's largest stablecoin USDT USDT — , said Thursday that it had completed a full financial audit …
Context & Ripple Effects
Tether’s audit milestone closes a long-running disclosure arc. The company had promised an audit since at least 2017, while its earlier arrangement with BDO Italia centered on monthly reserve assurance and attestation reports.
In March, Tether said it had engaged a Big Four firm for its first independent audit; that announced engagement has now produced an audit opinion on its 2025 financial statements. The change matters because it moves Tether from periodic assurance reporting and audit commitments to a completed full-audit result.
First-order effects
- Tether can now present KPMG’s opinion that its 2025 financial statements fairly presented its financial position in all material respects, replacing an unresolved audit commitment with a completed review.
- KPMG becomes the accounting firm attached to Tether’s first full audit, putting its work at the center of how Tether substantiates its financial disclosures.
Second-order effects
- Tether’s counterparties and USDT users gain a fuller external accounting reference than the company’s earlier monthly assurance reports, making the distinction between an attestation and a full audit more consequential.
- The completed audit raises the disclosure comparison point for Tether itself: future financial reporting will be measured against a KPMG-reviewed 2025 baseline rather than solely against reserve attestations.
Third-order effects
- If other stablecoin issuers follow Tether’s progression from reserve attestations to full audits, independent financial audits may become a more important transparency benchmark for the sector.
- The sequence also separates audit completion from audit promises: the credibility of stablecoin disclosure increasingly rests on whether an issuer can deliver a completed external review.
The trend: Stablecoin transparency is moving from recurring reserve attestations and audit pledges toward completed independent financial audits.