#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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LATEST: Tether says Big Four accounting firm KPMG completed a full audit of its 2025 financials and confirmed its reserves exceed liabilities by $6.814B.
$USDT
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.
EXCLUSIVE: I just wrapped up a great conversation with @tether CEO @paoloardoino following their Big Four audit by KPMG.
Paolo unpacked a lot:
- Why the Tether International Limited audit was technically simpler than many assumed
- How U.S. politics and regulators shaped the path to getting an audit done
- The difference between attestation and a full financial audit
- The real story behind Tether’s reserves, excess equity, and redemption history
- Why gold bars had to be manually verified
- How Tether thinks about ownership, capital, and staying private
- What the company is doing to help harden Bitcoin security after recent exploits
- Why Tether is investing in AI through Qvac for the billions left behind by traditional finance
- Paolo also reflects on Tether’s place in crypto history, from surviving massive redemption stress tests to becoming, in his words, the biggest financial inclusion success story in history.
Full video on @TheBlockCo
The Block
EXCLUSIVE: Inside Tether’s KPMG Audit: Gold Bars, Bitcoin, and $6B in Excess Equity
Tether CEO Paolo Ardoino joins The Starting Block to unpack details of their KPMG US audit.
Ardoino explains how Tether finally cleared the biggest hurdle in the room with a Big Four audit from KPMG US, why the timing mattered, and what the new yearly audit plus quarterly attestations mean for the company and the industry.
Timestamps
00:00 - Paolo Ardoino joins to discuss Tether’s Big Four audit announcement
01:16 - Why the audit took years and what made it possible now
03:31 - Why Tether chose KPMG US after earlier controversy around attestations
04:58 - Yearly audits and quarterly attestations as a transparency standard
05:15 - Responding to critics who still question Tether’s transparency
06:36 - The 7 billion redemption stress test in 2022
07:57 - Why auditors counted gold bars in Tether’s reserves
08:40 - Tether’s gold and Bitcoin reserve holdings
09:23 - The private fundraising narrative and why Tether says it does not need capital
12:31 - Tether’s AI effort, Qvac, and the mission to serve the unbanked
14:59 - Supporting Bitcoin security work after the Coldcard exploit
16:52 - Confirming annual audits and quarterly attestations going forward
EXCLUSIVE: Inside Tether’s KPMG Audit: Gold Bars, Bitcoin, and $6B in Excess Equity
Tether CEO Paolo Ardoino joins The Starting Block to unpack details of their KPMG US audit.
Ardoino explains how Tether finally cleared the biggest hurdle in the room with a Big Four audit from KPMG US, why the timing mattered, and what the new yearly audit plus quarterly attestations mean for the company and the industry.
Timestamps
00:00 - Paolo Ardoino joins to discuss Tether’s Big Four audit announcement
01:16 - Why the audit took years and what made it possible now
03:31 - Why Tether chose KPMG US after earlier controversy around attestations
04:58 - Yearly audits and quarterly attestations as a transparency standard
05:15 - Responding to critics who still question Tether’s transparency
06:36 - The 7 billion redemption stress test in 2022
07:57 - Why auditors counted gold bars in Tether’s reserves
08:40 - Tether’s gold and Bitcoin reserve holdings
09:23 - The private fundraising narrative and why Tether says it does not need capital
12:31 - Tether’s AI effort, Qvac, and the mission to serve the unbanked
14:59 - Supporting Bitcoin security work after the Coldcard exploit
16:52 - Confirming annual audits and quarterly attestations going forward
For years, Tether’s critics said the same thing: “Where’s the audit?”
Now they have their answer.
KPMG U.S. completed a full independent audit of Tether’s 2025 financial statements and issued an unqualified opinion — the largest inaugural financial audit in history.
This is bigger than answering the critics. It’s another milestone in Tether’s evolution from the world’s largest stablecoin issuer into one of the most important financial institutions on the planet.
Transparency. Strength. Execution.
Tether will keep delivering.
KPMG's unqualified opinion on Tether International's 2025 financials marks a shift from periodic attestations to full audited disclosure, arriving five years after the reserve transparency settlements that first put the company under regulatory scrutiny.
> KPMG US issued an unqualified "clean" opinion on Tether International's full 2025 financial statements, covering the balance sheet, income statement, equity changes, and cash flows.
> The audit found Tether's reserves exceeded liabilities by $6.8B as of December 31, 2025, according to new CFO Simon McWilliams.
> KPMG physically inspected every gold bar in Tether's reserves rather than relying on custodian reports, the company said.
> Tether had promised a full audit since 2017, when an earlier attempt with Friedman LLP ended without completion.
> The Financial Times previously reported PwC was hired to prepare Tether's internal systems for audit, but Tether's announcement did not mention PwC's role.
