Tether, the issuer of the widely used stablecoin USDT, has completed its first full financial audit, receiving an unqualified opinion from KPMG. This significant milestone, described as the "largest inaugural financial audit in history," validates Tether's financial statements for 2025.
KPMG conducted a thorough review of Tether's assets, liabilities, cash flows, and internal controls, even physically verifying the gold reserves held by the company. This comprehensive audit comes after years of skepticism surrounding Tether's claims about the backing of USDT, which previously resulted in legal issues, including a settlement with New York for $18.5 million over misleading reserve statements.
“All aspects were thoroughly examined. Tether possesses all the gold it claims. This has been validated by KPMG,” stated Paolo Ardoino, CEO of Tether, emphasizing the audit as a response to years of criticism.
Ardoino highlighted that this achievement reflects Tether's strengthened governance and financial position. The timing of the audit is crucial as Tether seeks to expand within the U.S. market, launching a domestic stablecoin and engaging with regulators under the new GENIUS Act framework. The positive audit results could enhance Tether's credibility and competitive edge against rivals like Circle, which promotes itself as a transparent alternative.
