Tether Audit Opinion Remains Private After KPMG Review
The report finds $6.8 billion in surplus reserves, but operators lack access to the underlying data for independent verification.
Updated on Oct. 15, 2026 in Corporate Finance
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Tether International announced in August 2026 that KPMG U.S. issued an unqualified audit opinion on its 2025 financial statements. The report states that Tether reserves exceed its liabilities by $6.8 billion, though the full audit remains non-public.
Why it matters
The lack of public access to these audited statements limits the ability of market participants to independently verify the underlying assets supporting the $180 billion stablecoin. Operators in the crypto-finance space must weigh this disclosure against historical audit controversies surrounding the firm.
Tether reported reserves exceeding liabilities by $6.8 billion against the $180 billion value of its stablecoin. The underlying financial statements and the KPMG audit report are currently non-public.
The players
Tether International
A major issuer of stablecoins with a total asset value of $180 billion.
KPMG U.S.
An international accounting firm responsible for issuing audit opinions on corporate financial statements.
The details
KPMG U.S. conducted an examination of the 2025 financial statements to reach its unqualified opinion. Despite the report, the opacity of the documentation creates a challenge for operators assessing counterparty risk. The audit firm previously faced scrutiny from a 2025 U.S. Senate subcommittee report, which concluded that the auditor ignored warning signs that preceded the 2023 collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank.
Timeline
2025: Period covered by the audited financial statements.
2023: Collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank.
2025: Release of a U.S. Senate subcommittee report regarding KPMG audit practices.
August 2026: Announcement of the unqualified audit opinion.
30 November-1 December 2026: Scheduled review of the audit at the OffshoreAlert London conference.
Market Landscape
The audit follows a period of intense scrutiny regarding KPMG's role in the 2023 collapse of Silicon Valley Bank. This development marks a continued reliance on unqualified opinions from major audit firms for large digital asset entities.
Operators dealing with stablecoin liquidity should treat these findings as private disclosures rather than verified financial health indicators until statements are public. Assess counterparty risk by reviewing the auditor's historical performance in other distressed sectors.
The takeaway
The lack of public disclosure regarding these financial statements restricts the ability of independent parties to assess the stability of the $180 billion in assets. Monitor the upcoming OffshoreAlert London conference for external analysis of the KPMG report and any related counterparty risk updates.
What happens next
Industry experts Francine McKenna, Jacob Silverman, and Ilya Umanskiy are scheduled to scrutinize the audit findings at the OffshoreAlert London conference running from 30 November to 1 December 2026.
Further reading
For more on industry audit trends, visit 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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