KPMG Issues Unqualified Audit Opinion for Tether
Tether reported that its reserves exceeded liabilities by $6.8 billion in its 2025 financial statements.
Updated on Oct. 15, 2026 in Corporate Finance
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Should you trust an audit opinion if the full financial report is not publicly available?
In August 2026, Tether announced that KPMG U.S. issued an unqualified audit opinion regarding the company's 2025 financial statements. The report indicated that Tether reserves exceeded liabilities by $6.8 billion, though the full audit remains private.
Why it matters
The audit remains a focal point for critics and analysts, particularly as the audited financial statements themselves have not been made available to the public. Questions persist regarding the firm's transparency and the quality of oversight provided by the auditing giant.
Tether reported $6.8 billion in reserves exceeding its total liabilities for the 2025 period. The company maintains an total stablecoin value of approximately $180 billion.
The players
KPMG
KPMG is a global network of professional firms providing audit, tax, and advisory services.
Tether
Tether is the company behind the widely used stablecoin pegged to the value of the U.S. dollar.
Francine McKenna
Francine McKenna is an expert and commentator who frequently analyzes accounting practices and audit quality.
Jacob Silverman
Jacob Silverman is a journalist and author known for his coverage of financial systems and cryptocurrency.
Ilya Umanskiy
Ilya Umanskiy is a professional who analyzes financial markets and institutional risk.
The details
KPMG U.S. examined the financial records for 2025, yet the findings have not been released for independent verification. This development follows a 2025 U.S. Senate subcommittee report that criticized the firm for allegedly ignoring systemic issues at other major banks.
Timeline
The 2025 financial period was the subject of the audit.
Major banking institutions including Silicon Valley Bank collapsed in 2023.
A U.S. Senate subcommittee report on KPMG was released in 2025.
Tether announced the audit opinion in August 2026.
The OffshoreAlert London conference will take place from 30 November to 1 December 2026.
Market Dynamics
This audit review mirrors the intense scrutiny KPMG faced following the collapse of Silicon Valley Bank in 2023. The situation highlights broader investor concerns regarding the efficacy of external audits in stabilizing high-stakes financial environments.
The lack of public access to the full audit report complicates the ability of retail and institutional investors to assess the stability of the Tether stablecoin. Market participants should be aware that unqualified audit opinions do not eliminate the operational risks associated with digital asset reserves.
The takeaway
Transparency remains a critical factor for investors evaluating the underlying strength of digital stablecoin reserves. Publicly available, verifiable data is essential for building long-term trust in financial institutions that operate outside of traditional banking regulations.
What happens next
Experts including Francine McKenna, Jacob Silverman, and Ilya Umanskiy are scheduled to scrutinize this audit during the OffshoreAlert London conference from 30 November to 1 December 2026.
Further reading
Learn more about oversight standards in the Corporate Finance section.
Source note: This article includes information reported by OffshoreAlert - A database of red flags in high-value international finance, including investigative articles, insolvency petitions, complaints, indictments, regulatory actions, and more, with an emphasis on high-confidentiality jurisdictions..
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Should you trust an audit opinion if the full financial report is not publicly available?
