Tether Receives KPMG Unqualified Audit Opinion but Withholds Statements

Audit Opinion and Reserve Position

KPMG issued an unqualified audit opinion on Tether International's 2025 financial statements, marking the stablecoin issuer's first full audit from a Big Four firm. According to Tether and reported by CryptoSlate and CryptoPotato, the audited figures show reserves exceeding liabilities by $6.814 billion as of December 31, 2025. An unqualified opinion indicates the auditor found no material misstatements and that financial statements present a fair view of the entity's position.

Missing Disclosure and Auditing Standards

Despite the completed audit, Tether has not published the audited financial statements or released KPMG's opinion letter publicly. The audit was conducted on the accounts of Tether International under AICPA auditing standards rather than PCAOB standards, which are more stringent. The GENIUS Act, proposed U.S. legislation, would require licensed U.S. stablecoin issuers to meet PCAOB standards. Tether's choice of corporate structure and AICPA standards suggests the company is structuring its audit scope to avoid immediate U.S. regulatory oversight.

Timing and Regulatory Context

Tether's completion of the Big Four audit arrives as the regulatory environment for stablecoins has shifted. Prior to the audit, market participants had called for full independent audits rather than quarterly reserve attestations. The unqualified opinion addresses that demand but does so under a jurisdictional and standards framework that may not align with emerging U.S. regulatory requirements for stablecoin issuers.