Tether, the company behind the USDT stablecoin, said KPMG has given its 2025 financial statements a clean audit opinion. The company called it the largest inaugural financial audit, a milestone after years of questions about the reserves backing the token.
A First for Tether
Tether said the audit is the first time its financials have received a clean opinion. The company described it as the largest inaugural financial audit, though it didn't provide further details. The audit covers the 2025 fiscal year.
The Reserve Questions That Wouldn't Go Away
For years, Tether has faced questions about whether USDT is fully backed by reserves. The company has repeatedly been asked to prove that every token in circulation is backed by real assets. The clean opinion is meant to address those concerns, at least for the 2025 statements.
What the Clean Opinion Means
The clean opinion is a significant step for Tether, which has long faced scrutiny over its reserves. But it doesn't necessarily end the debate. Tether said the audit is a milestone, but it didn't say when it would release the full report.
The clean opinion covers the 2025 statements, but Tether hasn't said when it will publish the full audit report. That report could show exactly what backs USDT.
