Tether says KPMG U.S. has completed a full independent audit of its 2025 financial statements and issued an unqualified opinion, the most positive verdict an auditor can give.

The Big Four audit went through Tether's entire balance sheet, income statement and cash flows, with KPMG physically counting and inspecting every individual gold bar in the reserves rather than trusting custodian reports. Tether's audited statements show reserves exceeding liabilities by $6.814 billion. CEO Paolo Ardoino called it "a defining moment for the stablecoin industry."

It is the first full financial audit in Tether's history, going beyond the quarterly attestations it has published for years, and lands as regulators lean harder on stablecoin issuers that now move money for hundreds of millions of people.