Tether Announces Major Financial Audit Completion with KPMG

Tether's Audit Milestone

Tether has announced the completion of a significant financial audit conducted by KPMG, which has given an unqualified opinion on the financial statements for 2025. This audit, described by Tether as the "largest inaugural financial audit in history," reflects a thorough examination of the company's assets, liabilities, and cash flow operations.

According to Tether, KPMG's review included a physical inspection of all gold reserves held by the company, affirming their existence. This move is seen as a response to years of scrutiny regarding the backing of its stablecoin, USDT, which have raised questions about the company's financial transparency.

CEO Paolo Ardoino took to X to highlight Tether's resilience in the face of various allegations, noting, "Despite the years of unfounded allegations and misleading coverage, Tether has delivered on its promises." While the unqualified opinion from KPMG suggests that no significant issues were found in the financial statements, it does not imply an endorsement of Tether's business practices.

In the past, Tether faced legal challenges, including a settlement with New York in 2021 that resulted in an $18.5 million fine due to financial discrepancies, and a further $41 million fine from the Commodity Futures Trading Commission regarding the backing of USDT. However, Tether asserts that this latest audit demonstrates its commitment to robust financial governance and infrastructure, particularly as it continues to grow in the market.