Tether, the issuer of the worlds largest stablecoin USDT, announced that KPMG U.S. has issued an unqualified opinion – a clean audit – on the 2025 financial statements of Tether International, marking the first full audit in the companys history.
The audit covers Tether International S.A. de C.V., the entity that issues USDT, which currently has a market capitalization exceeding $170 billion. The clean opinion means KPMG found the financial statements presented fairly, in all material respects, the financial position of the company.
CEO Fires Back at Critics
Tether CEO Paolo Ardoino responded to continued criticism on Thursday, telling The Block that some critics simply cannot admit they were wrong. A source with direct knowledge of the matter told The Block that Tether does not publicly share its audited statements because it is a private company, declining to release the full report.
The audit announcement comes at a sensitive time for the stablecoin industry. The GENIUS Act, signed into law in July 2025, established federal requirements for stablecoin issuers including reserve backing and regular reporting. The FDIC published a 376-page proposed rule in February 2026 to implement the acts provisions, with final regulations targeted for July 2026.
Why It Matters
For years, Tether faced skepticism over whether its reserves fully backed the USDT tokens in circulation. The company published quarterly attestations from accounting firms but had never undergone a full-scope audit by a Big Four auditor. KPMGs unqualified opinion is the closest Tether has come to addressing those concerns with a formal audit.
The Block reported that Tether does not plan to release the full audited statements publicly, citing its status as a private company. The decision to keep the results confidential may sustain debate among regulators and market participants about transparency standards for stablecoin issuers operating under the new GENIUS Act framework.
Sources: The Block; Tether; KPMG U.S.; FDIC proposed rulemaking
discussion