For the first time in Tether’s history, a Big Four auditor has examined the entire annual financial statements and issued an unqualified opinion for the 2025 financial year.
Tether has completed the first full financial audit in its history: KPMG US issued an unqualified opinion on the company’s annual financial statements for the year ended 31 December 2025. The audited statements show reserves exceeding liabilities by $6.814 billion.
The audit covered Tether’s balance sheet, income statement and cash flows, including the assets backing issued tokens and the corresponding liabilities. Unlike the quarterly reserve attestations the company has published for years, KPMG’s examination subjected the financial statements and underlying evidence to independent verification encompassing transactions, IT systems, asset ownership, valuations and counterparties. KPMG concluded that the statements fairly represent the company’s financial position in all material respects under US accounting standards.
During the audit, KPMG also physically inspected and counted Tether’s gold reserves, verifying each bar rather than relying solely on custodian records. The company’s gold tokenisation unit, Tether Gold (XAUt), saw its physical reserves grow in the second quarter of 2026; according to RWA.xyz data, XAUt is the leading tokenised commodity product, with approximately $2.7 billion in value.
