An unqualified audit opinion from KPMG U.S. now covers Tether International's complete 2025 financial statements. Tether disclosed the result Thursday. The company described this as the first full audit of the USDT issuer's financials.
What unqualified means
In audit terminology, an unqualified opinion is the cleanest outcome available. KPMG U.S. examined the full-year statements, tested the underlying records, and concluded there are no material misstatements and the financials comply with the applicable reporting framework. Any modified opinion would have signaled a material problem with the statements or a scope restriction imposed by management. KPMG U.S. issued none.
Scope and what was disclosed
A full-year audit covers the income statement, balance sheet, and cash flow statement across twelve months, along with internal controls relevant to financial reporting. That scope is broader than a point-in-time attestation, which confirms a specific balance on a specific date without examining the full accounts. Tether's announcement named KPMG U.S. as the firm that conducted and signed the opinion on the full 2025 financials. No figures from those statements were included in Thursday's disclosure.
The "first full audit" framing
Tether described the result as a "clean" opinion and characterized the KPMG engagement as the company's first full audit. The announcement did not detail what form prior financial disclosures took. The opinion covers the complete 2025 fiscal year.
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