On August 14, Tether, the issuer of USDT, announced that it has completed a full independent audit of its financial statements for the fiscal year 2025 by KPMG US, receiving an unqualified audit opinion, which is the most favorable opinion that an independent auditing firm can issue. This audit is referred to as the 'largest ever initial financial audit.' KPMG conducted comprehensive substantive testing on Tether's balance sheet, reserve asset composition, issued token liabilities, income statement, changes in equity, and cash flow statement, and physically verified each gold bar held by Tether to confirm its existence and identification information, rather than relying solely on custodian reports. The audit confirmed that as of December 31, 2025, Tether's reserves exceed its liabilities by $6.814 billion. CEO Paolo Ardoino stated, 'Critics have claimed for years that Tether's audit could not be completed, and we have once again proven them wrong. An unqualified opinion means Tether has received a clean audit.' Tether CFO Simon McWilliams called this a 'milestone in Tether's commitment to transparency,' noting that the company has completed a historic project in collaboration with one of the Big Four accounting firms and will continue to raise standards in the future. Tether has consistently released independent verification reports of its reserves over the years, and this financial statement audit marks a leap in its financial reporting system from verification level to full audit level.